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Buying Your First Home? Here’s How to Save Money

Housing-Market / US Housing Nov 15, 2018 - 06:07 AM GMT

By: Dylan_Moran


You’ve been renting since moving out of your parents’ house and you could say, it was a good few years living in flats and apartments. But you’ve reached a point in your life when renting is becoming exhausting and you want to settle down in one place that you will call home for the years to come.

Buying your first house is an important life decision, but it’s not the easiest to make if you’re not financially prepared for it. In fact, a recent survey of 13,000 adults discovered that only 39% of millennials are capable of making a standard down payment on a home, and only one in five individuals is capable of paying the minimum amount required to secure a home loan. The good news is; there are ways to save money on your first home without drowning in debt.

Before anything else, learn the importance of saving money

From putting in a down payment to upkeep, buying a home is generally expensive. This is why it pays to understand the importance of saving money. Having a savings account will help you cover the unexpected needs that come with home ownership while maintaining good finances.

Arm yourself with good knowledge about home loans              

Unless you have huge savings in the bank, you will need to apply for a home loan for your purchase. There will be a lot of lenders out there promising to offer you the best deals and the lowest interest rates, but only a few good ones will really give you good value. To save yourself from making costly decisions, it’s very important to learn the basic concepts of home loans and where you can find the best lenders for your needs. Start with the loan help found here and find out what types of home loans are available for you and how you can go about the process of applying.

Find ways to start saving for a down payment

Once you’ve decided on purchasing a home, you need to start saving for a down payment right away. A sizeable down payment will not only lower your monthly mortgage, it also shortens the term you have to pay for your loan so you can be free of debt sooner. You might have to make a few sacrifices, but it will surely be worth it once you have your own home. If you don’t know where to start, here are a few tricks that you might find useful:

  • Set aside a specific amount from your paycheck: You can even request your employer to have that amount deposited directly on a separate savings account.
  • Always use cash: It’s more tempting to spend more by using your card, but if you want to lower down your bills and have more money towards savings, try to use cash as much as possible.
  • Skip online shopping: Stop wasting money on mindless purchases and put that extra cash towards your down payment instead.
  • Create a budget and stick to it: Cut back or completely eliminate extra expenses that you don’t need right away. Make a monthly budget and stick to it no matter what happens. This may be challenging but all your sacrifices will surely be worth it once you have the keys to your home.
  • Spend wisely: You may be tracking your monthly expenses, but you’re probably still missing some things that you can save on. For instance, if you look closely at your phone bill, you may still be paying for apps that you’re not using. Also, learn to look for deals on the things that you need like groceries. Being a savvy consumer will not only help you save up for your home, it will also help you maximize your budget in the long run.
  • Boost your income: It could be as simple as working extra hours or taking on a part-time freelance job, there are a lot of ways to earn extra dollars to put towards your down payment.

No matter how hard the journey, you can always succeed at buying your first home while still maintaining good financial standing. You just have to make a few sacrifices and work harder to save up enough money, and do your homework to find the best home loan to help you secure your dream home.

By Dylan M.

This is a Paid Advertorial.

© 2018 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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