Easy and Effective Ways to Save Up for a Home
February 21, 2022 | Anthony Cosenza
There are a number of different routes for homebuyers to take in an effort to get the home they desire.
With inventory issues being part of this current real estate market, buyers are looking for routes to save up for their dream home. The good news is that Realtor.com has put out a list of ideas for easy and effective ways to save up for a home that we at Casa Bella Realty Group can get behind.
For decades, we’ve counseled our clients in a number of ways and even some financial planning ideas have been part of that process. One of the ideas we’ve pushed to our clients is to ensure they’ve spoken with a reputable mortgage professional to make sure they are aware of all available loan options. As we noted in another post, getting educated before fully diving in to the homebuying process is key. This is for knowing both what price range is affordable and what down payment is needed.
Some very basic steps like creating a specific bank account meant for down payment savings is a good way to start. Saving extra money and finding the right account to accrue interest are keys to maximizing this effort.
Another creative way to save towards a down payment could be to skimp on birthday presents from friends and relatives and have them pitch in to your “homebuying nest egg”.
“HomeFundIt is one option designed to help you crowdfund your down payment,” says Janet Siroto of Realtor.com. “Created by the mortgage banking firm CMG Financial, it works by having you pre-qualify for a mortgage online and then building and promoting your money-raising campaign. Another option not tied to a particular lender is Feather The Nest, which allows you to spread the word to your social network, as with a GoFundMe campaign—with a target amount, deadline, and updates on how close you are to your goal.”
Saving properly to position yourself as a highly-competitive buying candidate is key in today’s real estate market. Put us to work for you and allow us the opportunity to answer any questions you may have about the homebuying, leasing or selling processes! Or, if you’re looking for easy and effective ways to save up for a home, we’re happy to discuss more options.