Have you been dreaming about the possibility of buying the perfect home for your family? Many people want to buy a home, but they assume that they won’t be ready for home ownership for a few years because they don’t have a down payment for the purchase. Instead of waiting for the stars to align, take control of your finances. Homeownership might be closer than you think if you make these changes:
#1: Downsize for a Year
Most people agree that rent is the biggest hindrance to the family budget. If you are trying to save for a down payment to be ready for home ownership, look at options to live in a smaller rental property for a year so that you can reduce your monthly expenses. Not only will you decrease your rent payment, but you will also save money on utilities for a smaller apartment.
#2: Look at the Little Costs
$5 here and $10 there might not seem like much. But, these small costs can really add up over the course of a month. Look for the smaller expenses that keep popping up, such as monthly subscriptions or coffee runs. Find ways to cut the expenses, such as making coffee at home or washing your clothes instead of taking them to the dry cleaner.
#3: Essential vs. Wants
Evaluate your spending and decide on the essential items. Each time you are preparing to be ready for home ownership, ask yourself an important question: do you want the item, or do you need the item? Look for areas where you can make a few sacrifices to save money.
#4: Pick Up Extra Work
Are there any opportunities to pick up extra hours at work? Or, maybe you can find another way to earn money in the evenings or on the weekends. These sacrifices are worth the effort, and you will be grateful that you put in the extra time when you are living in a home of your own.
#5: Negotiate Bills and Expenses
Call all of the companies that receive payments from you each month: cell phone provider, cable TV, credit cards, and insurance plans. Talk to the providers about options to reduce your costs. If the company thinks that they are going to lose you as a customer, then they are often willing to work with you on the price. For example, request a lower credit card interest rate in exchange for keeping the card open instead of cancelling it.
Get Home Buying Advice from the Pros
Here at DUFFY Realty, we are working hard to make it easy for you to be ready for home ownership and successfully buy it for your family. Not only do we help you save money with our flat-fee real estate commissions, but we will also help you find a beautiful property that fits your budget. Call us right away to learn more about the ways that we can help: (678) 318-1700