Buying your first home is an exciting time. It is important to make sure that you have saved enough to cover the cost of a move. Not only do your savings need to cover your downpayment, but you also need to have money for the cost of closing the loan, moving, setting up utilities, making repairs, and making home improvements. The National Association of REALTORS reports that the biggest obstacle new homeowners face is saving for the downpayment. Here are three creative ways to save CASH to buy a home
SELL STUFF
Clean out those closets and purge. If you have used it in a year, sell it. Purging is a fast and easy way to pad your bank account. Online apps make it easy. I enjoy using Poshmark for designer items, and Raymond is always posting on Facebook marketplace. Safety tip: Meet in a public place for ALL in-person exchanges!
ASK FOR CASH
If your loved ones celebrate you with birthday and holiday gifts, let them know of your goal of homeownership and ask for money instead of stuff. It's amazing how many of our family members like to watch us achieve our goals!
SIDE GIG
Stats show that almost 70% of millennials and Gen Zers have taken a side gig, while 30% of baby boomers have taken on one. Side gigs are an easy and fast way to save money. Just make sure you are still budgeting. The best way to discover the right job for you is to remind yourself of your passions and talents. If you love to bake, offering to make decorative cookies and cakes may be in the future for you. If you are good at driving and are a human compass, check out Uber or Lyft.
So start saving—8% of the purchase price is a good number to shoot for: 3.5% for the down payment, 3% for closing costs, and the rest for moving expenses.
If you or someone you know are looking to purchase a home, I would be honored to serve. Call me, and let's get your search started.
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