How to save money for your first property.
When it comes time to buying your first home, you may not have realized how difficult it would be to save for. Chances are, you’re quickly finding out that it’s more daunting than you thought. With the cost of living, monthly student loans, and daily expenses, how are you ever going to start saving for your first home? Well, with the help of these tips, you can do just that. Take a look at these expert tips on saving for your first home.
Saving for a house deposit
- Understand how much you need to save. Research the average price of a home in your dream neighborhood. Take 20 percent of that number – this is your hypothetical down payment.
- Ideally, put down 20 percent of the value of the house
- The larger the deposit, typically, the lower the monthly payments will be
- Decide roughly when you’d like to sign the dotted line. Is it 12 or 24 months from now? Divide your down payment by that number.
- Write down your monthly savings goals down on a few post-its. Place them on your laptop, bathroom mirror, front door, and in your wallet. You’ll always be reminded of your goals and you may think twice before your next purchase.
- Develop a money-saving habit that you can sustain. For example, put dollars from your paycheck into a savings account automatically.
When you are looking to purchase a home, make sure you enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!