Congratulations on making the decision to buy your first home!
Saving money is the first step toward home ownership because you’re going to need it for:
1. Down Payment
2. Closing Costs
Not easy to do, but not impossible! I like to think that what you focus on expands! I recently read an article by Dave Ramsey with 20 Practical Money Saving Tips and these 5 were my favorite because they are practical and easy to implement. I hope they’re helpful!
And as I explained in the video, a down payment typically ranges anywhere between 3%-20% (or more) of the purchase price. However, there are 0% down payment and down payment assistance programs available that you may qualify for! The example I gave pertained to what a 5% down payment would look like on a purchase price of $500K, just to give you a general idea of how much cash you will need.
What are your best money-saving hacks?
If you’d like to learn more about how to prepare for buying your first home or have any questions about the home buying process, contact us today for a complimentary consultation!
