How to Save For A DownPayment
If you’re looking for a home, then you’ve already realized the amount of preparation and planning it takes. Behind the scenes of a happy couple moving into their new home hides the stressed out couple who wish they had started saving years before a new home was even a thought. Regardless if you’re already on the home searching journey, or if you have a few years before you move out, here is how you can start saving for a downpayment on your future home.
Research Your Location Options
To gain an idea of the real estate industry in your area, research the locations you’re considering moving to. Look at the market and see what houses you like, but also what you can afford. This is also a great time to reach out to a real estate agent to see what locations would work for your budget and wish list of amenities.
Create a wishlist for yourself of items you want in your home, and then create a separate list of items you absolutely must have in your home. Some of the items may be the same on both lists, however this will give you an idea of what you can check off when you’re looking at a home. If a home doesn’t have everything on your checklist in your price range, you may have to look for other options.
Calculate How Much You Can Afford
There is a standard calculator for determining how much you can afford for monthly payments on your home in terms of a mortgage. Your monthly mortgage shouldn’t be more than...
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