Unless you have a huge pile of cash just sitting in the bank, you may think
purchasing a home is an unachievable goal. Credit history, rising home
prices, and qualifying for a mortgage are all difficult tasks, but none
more so than it takes to build up the tens of thousands of dollars necessary
to make the sizeable down payment required to buy a house. However, this
isn’t always true—buying a home doesn’t have to be difficult,
and in fact you can save up enough for your down payment in as little
as a year’s time! Here are a few tips for saving up so you can buy
your first home.
Slash Your Rent
The rent on your current place is probably the biggest chunk of your monthly
budget, and therefore the biggest hindrance to your savings. Cut your
rent down and you can save the extra money towards your down payment.
Consider moving in with a friend or family member, or consider getting
a roommate to slash this monthly cost down.
There’s an important question anyone who is saving needs to ask themselves: do I
need this, or do I
want it? Can you get to work every day by taking public transportation or ridesharing?
If so, then is a car payment plus insurance really worth it? Do you even
really need television? Do you frequently dump money into a hobby that
you could do without for a little while? Cut back on these things and
you could find your savings grows substantially in no time at all.
Ditch Little Expenses
Do you need to be subscribed to Netflix, Hulu, Spotify, and many other
different entertainment services? Do you stop at your local coffee shop
for a latte on the way to work each morning? Do you eat out multiple times
per week? If the answer to any of these questions is “yes,”
then you have small expenses that you can afford to cut back on and save.
Even something as simple as packing your own lunch and bringing it to
work can save you hundreds of dollars per month.
Consider Selling Old Possessions
Do you have some things you bought and have barely used? That set of golf
clubs you bought because you wanted to try to learn and gave up after
two lessons? That mountain bike you bought at your friend’s encouragement?
That dress you loved in the fitting room but haven’t worn since
buying? All of these things could get you a fair return by selling them
on Craigslist or Facebook Marketplace. Not only will this help you get
your new home faster, but you’ll have less to pack and move there
when you finally do.
Get help buying the home of your dreams by
calling Dippy Real Estate today! Dial (661) 441-3304 and let our Valencia realtor help you get the
best deal on a home that fits your needs perfectly.