MAKING CENTS OF YOUR DOWN PAYMENT

Wednesday Feb 23rd, 2022

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Buying a home is exciting but saving up for it can be a challenge

These days, a dream home can seem like just that – a dream. Owning your own home might seem like a daunting goal but with the right strategies, it’s definitely achievable.

A home is probably the largest single purchase you’ll ever make so it’s important to be aware of your financial circumstances and to have a plan of action.

It’s also important to know exactly how much you’ll need for a downpayment and closing costs so that you’re properly prepared and not caught off guard.

Once you figure out how much you’ll need, open up a savings account specifically for homeownership so you can easily monitor your progress. Here are a few ideas that’ll help you save up for a downpayment:

Consolidate Your Debt
It’s impossible to save money if you carry an unpaid balance on your credit card so consolidate it into a line of credit that offers a lower interest rate.

Government Programs
There are a variety of government programs that are designed to help prospective homebuyers with their downpayment. Just reach out for more details!

Room For Rent
Having a roommate will save you a considerable amount of money each month that can go directly towards your homebuyer savings account.

Cut the Car
It’s extremely expensive to own, operate and maintain a vehicle each month so consider selling your car and using public transit instead.

Making Menus
Planning weekly menus means you’ll be less likely to order take-out or overspend at the grocery store.

Lunch Break
Buying lunch even a few times a week costs thousands of dollars a year so pack a lunch instead and skip the fancy morning lattes.

Get a Book Deal
It’s the little things that add up so instead of buying books, check them out from the library. If they don’t have the book you want, they’ll usually order it for you.

Dream Homes Come True
Put a picture of your dream home in a prominent place to constantly remind you of your goal. Visualization combined with good old-fashioned willpower can help you turn your dreams into reality!

Saving up for a down payment requires discipline and patience. Just don’t get discouraged and remember that every little bit you save will help you eventually achieve your dream!

There are various programs available to assist home buyers with their down payment needs so if you or someone you know requires some help, please don’t hesitate to get in touch.

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