It’s such an exciting time when someone decides the time is right to buy a home. While it can be fun to plan all the things to do in a new home, it’s a good idea to stop and deal with the not-so-fun stuff: money. Specifically, how to save up for buying a home.
Here are some tips to help save money to buy a first home:
- Get serious about a budget: Buying a house is pretty grown-up stuff and so are budgets. Embrace it and love it. Figure out costs, the budget strategy that will work, and stick to it. It’s time to get real. Yes, we work hard for our money and may feel like we should be able to shop whenever we want, but that’s not reality.
- Auto draft: Whether sticking to a budget is easy for some or not, taking advantage of a bank’s auto-draft feature is one of the quickest and easiest ways to painlessly save money. Set up a separate account and have money directly drafted to it when paychecks are deposited. This way, the money that needs to be saved won’t get accidentally used.
- Get out of debt: Getting out of debt may not seem like actually saving money, but it is. The less debt one has, the less interest to pay. Not only is one saving money by not paying so much in interest, but in all likelihood would also qualify for a better home loan, which in turn will help to have a lower mortgage payment.
At Raleigh-Cary Realty, we can help prepare you for the upcoming home purchase and advise you on the best way to finance a new home. Contact us today to get started!