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April 18th, 2022 by

Down Payment Savings

Buying a home is a big step! It's an exciting event, but it may be stressful if you're not financially prepared for the down payment. Before you start house hunting, our real estate agents suggest you start saving for a down payment that will get you into the perfect home.

By following 7 simple tips, you can create a down payment savings plan that will get you into one of the beautiful Augusta homes for sale.

  1. Create a Budget
    To boost cash flow and save money for a down payment, you must create a solid budget plan. You can't save money if you don't know where your money goes every month. First, review your bank statements, monthly expenses, and credit card bills and take a close look at your spending habits. Next, budget a realistic monthly amount to put into your down payment fund and do not waiver. Consider your down payment savings plan a non-optional expense.

  1. Cut Back on Non-Essential Spending
    Your essential monthly expenses may be set, but cutting back on non-essential spending can boost your cash flow. A series of small cutbacks can lead to big savings:

  • Avoid impulse purchases

  • Cut down on take-out and fast food

  • Stream movies at home

  • Reduce spending on unnecessary clothing

  • Plan an in-home spa day

  • Bike to work to save gas money

  1. Skip the Vacation
    Exploring new destinations on a vacation is great, but it can put a big dent in your budget. Instead of spending thousands on a trip, plan a staycation close to home and put the savings in your down payment savings plan. Take a day trip to nearby historic sites, nature preserves, and local museums. Visit local farmers' markets, art exhibits, and special events.

  1. Boost Your Income
    When buying a home, you may find that your monthly income is just not enough to create a down payment savings plan, even with a budget in place. You may need to boost your income to get into your dream home:

  • Find a new, higher-paying job

  • Pick up a Side Hustle
  1. Downsize Living Accommodations
    Downsizing, living below your means, is one way to reduce your living expenses, so you can put extra money into a down payment savings plan for a new home. Moving into a smaller apartment, moving in with family, selling a second vehicle, and moving to an area that's more affordable are good temporary solutions for saving money.

  2. Rent Out Extra Space
    If you live in a house or an apartment, renting out a spare bedroom, office, or guest house can generate extra cash flow. Renting through a hospitality website like Airbnb lets you control who rents the space and when. If you live in the city where parking is at a premium, consider renting out your assigned parking space during the day or on weekends through an app like JustPark.

  1. Ask for Help
    When you're saving for a down payment on a home, ask relatives and friends for help. Instead of holiday and birthday gifts, ask for money to help fund your down payment savings plan. First-time homebuyers should explore low down payment options through programs like Freddie Mac and Fannie Mae's down payment assistance programs, FHA loans, USDA loans, and VA loans and grants.

If you're thinking about buying a new home, contact us for available properties and prices that fit your lifestyle and financial needs.

Categories: Buy a Home
Tags: Down Payment, For buyers, Homebuying help, Homebuying advice

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