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How to Save for a Home in One Year

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.

What’s Essential?

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 today! Dial (661) 441-3304 and let our Valencia realtor help you get the best deal on a home that fits your needs perfectly.