Ignite FB Tracking Pixel3 Creative Ways to Save for a Down Payment on a Home - Teresa Boyd

3 Creative Ways to Save for a Down Payment on a Home

by Teresa Boyd 01/21/2019

You want to buy a house, but you know that you need to save as much money as possible for a down payment. Although you've tried to save money in the past, your best efforts have failed to help you collect the funds that you'll need to make a down payment on your dream residence.

Let's face it – saving for a home can be difficult. Fortunately, we're here to offer creative ways to help you get the money that you'll need to make your homeownership dream come true.

Now, let's take a look at three creative ways to save for a down payment on a house.

1. Start a Friendly Competition

Competition often brings out the best in homebuyers. Much in the same vein, you and your friends may be able to compete against one another to see who can save the most money for a down payment on a home.

If you and your friends intend to buy a home together or separately, a friendly competition can make a world of difference in getting the required funds for a down payment. In fact, you can even award the winner of this competition with an "Ultimate Saver" trophy or other fun prizes.

Ultimately, a friendly competition is a great way to have fun with friends and save money for a down payment on a house at the same time. Regardless of who wins the competition, you'll notice that your down payment savings will increase, moving you one step closer to acquiring your ideal residence.

2. Use a Rewards System

Saving for a down payment on a home may seem like a long, arduous process. However, if you build rewards into your day-to-day savings efforts, you can earn incentives as you reach various milestones.

For instance, you may want to reward yourself with a special dinner every time that you reach a savings milestone. Or, you can always celebrate hitting a savings milestone with a trip to the dog park with your puppy.

3. Trim the Fat from Your Budget

It sometimes can be tough to remove cable TV, takeout meals and other excess items from your budget. But if you consider the long-term benefits of these short-term sacrifices, you may be better equipped than ever before to save significant funds for a down payment on a home.

Look closely at your daily, weekly and monthly budgets. Then, you can determine which budget items are essential and which are not and trim the fat from your budget accordingly. This will allow you to speed up the process of saving for a down payment on a house and ensure that you can achieve your homeownership dream faster than ever before.

Lastly, as you prepare to explore available homes, don't hesitate to reach out to a real estate agent for extra help. By hiring a real estate agent, you can get the assistance that you need to discover a great house that falls within your price range.

About the Author

Author
Teresa Boyd

I relocated to Ocean Isle Beach in 2002. Prior to that I lived in Maryland and worked for over 20 years in Washington, D.C. for the D.C. Court system and an office that prosecutes attorneys. I began my real estate career in 2006. 

The first year I worked as a real estate agent, I received the Rookie of the Year award. Each year since I have been recognized as a multi-million dollar sales agent and have consistently been one of the top producers in the company. Coldwell Banker National has recognized me with a Sterling Award for the number of sales transactions closed, The President’s Circle Award, and Coldwell Banker Sloane awarded me with the 2017 TOP PRODUCER Award for the highest sales volume. Long story short, I work hard for my buyers and sellers and it shows in my numbers!

I have been married for 34 years, have four children and eight grandchildren. I have been enjoying the South Brunswick Island area of North Carolina for over twenty years. Part of that time I was a vacationer here but the past 16 years I have called this my home. 

Call me and put my experience & knowledge to work for you. I look forward to working with you!