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Paying rent for the rest of your life, isn’t all that it cracked up to be. Having a roof over your head is fine and all, but not having that security of that roof over your head being yours is honestly really stressful. Because lets face it, what if you cant pay rent, you get evicted, what if you make a hole in the wall, do you lose your security deposit. There’s a lot that comes with renting that’s extremely negative. Now when it comes to owning your house, its yours. You can do whatever you want to it, depending on how expensive it is and what your down payment is, it is usually less expensive.

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Instead of using that security deposit on a rental put it towards a mortgage. Save up for that down payment on your house, and build up equity within in. For those who don’t know what equity is, it’s a homeowner’s interest in a home. It can go up over time or it can decrease over time. Now once you have enough equity in your home, you have a plethora of options available to you, you can take out a heloc loan and buy more properties. You can refinance, and decrease your interest rate and also take out money for home improvements. Or you can sell and reap the benefits owing less than the total value of your home and selling. But the only way you can do this, is if you take that first leap, and start saving for your down payment, put away at least

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$100 per month, and let it add up. You can take my strategy and put $100 to $500 into an investment account and let it grow. Earning you extra money for your future home.

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But wait let’s not forget about closing costs!

When it comes to buying a home you don’t only factor in the down payment, you also have to include closing costs, These are usually your appraisal fees, attorney fees, inspection fees, etc. Closing costs are generally 3 to 6 percent of the total cost of the loan.

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There are ways to not pay some or any closing costs, you just have to get a little creative and negotiate your way through these fees. One way to do that is to roll some of the closing costs into the life of the loan. I haven’t personally done this, but i feel like it may give you a little breather as far as having money left over after closing.

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Although it does make your monthly payment higher at the end of the day, you could always refinance at a lower rate. The second option is asking for seller concessions. All you have to do for this option is include it into your offer. You would just communicate with your agent that you are interested in receiving sellers concessions. There is a limit on how much you can get when asking for concessions, but whatever you do get, if you are lucky, can go a long way. I have been lucky enough to receive $3500 from the sellers of my first deal, part of this is because i had a very good agent. With this information you won’t need to rely on a good agent, you would just bring this up yourself right off the bat, be patient, and reap the rewards. To learn step by step how to buy your first home check out my e-book using this link https://payhip.com/b/729x. Purchase a copy for just 99 cents.

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10 Comments on “How to Save Money for a Down Payment on Your Future HOME|Create Wealth for Yourself

  1. Pingback: Top 5 places you can buy a house for cheap, while working in NYC!

  2. Pingback: Top 3 Ways to Buy a Home with No Money Down| Essential Real Estate Tips

  3. Bonjour

    Cette année sera différente avec la propagation de ce virus qui nous sépare de nos enfants , petits enfants et amis ( IES )
    Et pour tous ceux qui sont touchés par cette maladie
    Ceux qui ont un proche à l hôpital
    ceux qui en ont perdu un membre de la famille ou un ami
    Toutes les personnes qui ne pourront être auprès de leurs enfants qui seront au chevet des malades et autres
    Je vous souhaite, à toi , à vous et à vos proches, de passer une belle semaine , bonne journée
    En attendant des jours meilleurs

    Bisous Bernard

    Liked by 1 person

  4. Pingback: 7 Sensational Daily Routines That Will Create Success and Build Wealth – Real Estate | Lifestyle

  5. Saving money becomes an important part of our life in this covid era. You wrote a great article on this topic. Waiting for next article like these.

    Liked by 1 person

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