Skip to main content

5 Easy Tips You Can Use to Save For a Down Payment on Your Next Home

By

If you are planning on purchasing a home in the next couple of years, the one thing you may be concerned about is coming up with the down payment on your home. Although the down payment is only a percentage of the cost of the home you buy, it can still cost you thousands of dollars. Wondering where you are going to get that kind of money? Here are some easy ways to save for a down payment so you can finally have the home of your dreams.

Income Tax Refunds

One easy way that you can start saving up for a down payment on your home is to start saving the money from your income tax refunds. Simply fill out the right forms to have more taxes held out of your paycheck each year. You’ll never notice that this money is gone. Each year you’ll get a bigger tax refund and that money can be saved towards a nice down payment on a home.

Save Your Raise

Did you recently get a raise at work? If not, maybe you should ask for one. If you just had a raise or you are getting a raise, take that extra money and start saving it instead of pocketing it. You won’t really notice the difference, since you’ll still be living on the same amount you were getting before. If you can’t get a raise, try to work some overtime and save the money you make on the overtime hours.

Start Selling Excess Items

More than likely you have quite a few things hanging around that you never use anymore. Maybe that stack of CDs you have boxed up, those boxes of DVDs you never watch, or other items. Consider trying to sell these items for some extra cash. With online auction sites like eBay, that’s easier than ever before. If you don’t want to use eBay, then try having a yard sale. Save the money you make for your down payment.

Stop Eating Out

Chances are you spend a lot of money eating out each year. If you eat out for lunch ever day, you could be spending $5-10 or even more each day, just on lunch. Start packing a lunch instead. You can save that $5-10 each day, and at the end of the year you’ll have between $1825 and $3650 saved, just by avoiding a restaurant at lunch time.

Freelance for Extra Money

Another easy way to save up for a down payment on a home is to freelance for extra money. In your spare time, put the talents you have to work. If you are a good writer, consider finding some part time freelancing work as a writer. Love taking pictures, try out stock photography. If you’re a great artist, try selling your artwork for some extra money.

It doesn’t have to be that difficult to save up the money you need for a house down payment. With these easy ideas, you can save up thousands of dollars each year, especially if you use all the ideas together. Before you know it you’ll have the money you need to purchase your dream home.

If you’re ever in the market for Sarasota,Florida real estate, be sure to visit Premium Properties Sarasota - your Real estate experts.

Labels:

Comments

Post a Comment

Popular posts from this blog

Basics of Buying Real Estate Short Sales

By
Over the last several years, short sales have received a substantial amount of attention. This type of transaction is done when the seller owes more on his or her mortgage than the value of the property. The lender essentially agrees to accept less than the balance owed as an alternative to foreclosure . On the surface, a short sale (SS) seems attractive for all parties involved. The buyer is able to purchase a property for a price that is below market value ; the seller is able to sell their home without losing it to foreclosure; the lender is able to recover a portion of the mortgage that would otherwise be lost. However, these deals are often more complex than they seem. Some require up to six months to close, and often fall through beforehand. In this article, we’ll explain the basics of buying real estate short sales, starting with the importance of working with an experienced real estate agent . We’ll describe the process and explore some of the factors you shou...
Post a Comment
Read more

Rebuilding credit after foreclosure or short sale

By
The ideal of homeownership may have lost its attraction to the millions of underwater owners who have lost homes during the housing meltdown. But it is never too soon for folks who have given up their homes to start pointing to the day when they will once again decide to take the plunge. Whether you were able to persuade your lender to accept a payoff for less than what you owed and dump your albatross in what's known as a "short sale" or lost everything -- lock, stock and doorbell -- to foreclosure , if you start rebuilding your credit now, you may be able to buy another place in as little as two years. Even if you've vowed never again to be an owner, the damage done to your credit profile by your housing woes will impact your everyday needs for at least the next 24 to 36 months. "We live in a credit-dominated society, making it especially critical for those with tarnished credit reports to begin the rebuilding process as soon as possible,"...
Post a Comment
Read more

Strong rebound in pending home sales

By
WASHINGTON – Dec. 2, 2010 – Pending home sales jumped 10.4 percent in October, showing another positive uptrend since bottoming in June, according to the National Association of Realtors® . The Pending Home Sales Index (PHSI), a forward-looking indicator, rose to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6. The latest surge also reflects market strength, since buyers had an additional push to close quickly in October 2009 to qualify for one version of the first-time homebuyer tax credit that expired in November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. The data also surprised economists who had expected a decline in pending home sales given current troubles within the housing market . However, Lawrence Yun, NAR chief economist, says excell...
Post a Comment
Read more