If you’re currently renting an apartment, a condo, or a house, you might be kicking around the idea of buying—after all, it’s the American Dream.
But for most people, the thought of coming up with a down payment is, well, downright discouraging.
The good news: There are loans available that don’t require you to put down a 20% down payment (like the VA loan program, which doesn’t require a down payment at all, and FHA loans, which only require a 3.5 percent down payment).
Still, though, saving up can be a big task… but here are three things you can do right now to boost your savings.
3 Tips to Save Up for a Down Payment on a Home
Moving to Save Money
Can you move to save money? If you’re renting a home for $1,200 per month, is there a more affordable option? This is one of the fastest ways to start stockpiling your savings. Even if you can shave $50 per month off your rent, you’re going to have another $600 in your pocket at the end of the year; go bigger and save more (a $200 decrease in your rent gives you another $2,400 after 12 months).
Deciding Between Needs and Wants
How much is your cable bill, and do you really need all those channels? (A lot of people find that Netflix, Hulu, and HBO Now are great replacements for cable—and all three together will cost you $30-something per month.) Can you switch from using your car to using public transit? Depending on how much your car payment is, that can add up to a huge chunk of change in your savings account (provided you deposit what you’d ordinarily pay your lender each month).
Get Basic Plans On… Everything
Skimming a little off your phone’s data plan, paying off your credit cards so you don’t have interest stacking up, and lowering your insurance rates can make a huge difference each month, too. You can also turn your entertainment plan—the one where you go out on the weekends—into a basic plan by choosing to stay in one or two weekends each month.
Are You Buying a Home in Grand Junction?
Call us at 970-765-4135 or get in touch with us online to tell us what you want from your dream home. We’ll help you find it.
In the meantime, check out our:
- Grand Junction homes for sale under $100k
- Grand Junction homes for sale between $100k and $200k
- Grand Junction homes for sale between $200k and $300k
- Grand Junction homes for sale between $300k and $400k
- Grand Junction homes for sale between $400k and $500k
- Grand Junction homes for sale between $500k and $600k
- Grand Junction homes for sale between $600k and $700k
- Grand Junction homes for sale between $700k and $800k
- Grand Junction homes for sale between $800k and $900k
- Grand Junction homes for sale between $900k and $1 million
- Grand Junction homes for sale over $1 million