{"id":4935,"date":"2017-02-17T15:15:19","date_gmt":"2017-02-17T23:15:19","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4935"},"modified":"2017-02-10T10:21:20","modified_gmt":"2017-02-10T18:21:20","slug":"start-saving-for-a-house","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/02\/start-saving-for-a-house\/","title":{"rendered":"Start Saving for a House"},"content":{"rendered":"<p style=\"text-align: justify;\">Want to purchase a home? Even with the housing market pretty much back from the doldrums of the 2008 Great Recession, real estate experts say there\u2019s still plenty of room to the upside if you purchase a home now.<\/p>\n<p style=\"text-align: justify;\">But many first-time home buyers underestimate the amount of money they will need up front to buy their dream home. As a rough estimate, FHA loan, for lower income earners. However, those loans are harder to get than one at 5% down.<\/p>\n<p style=\"text-align: justify;\">On a $200,000 home, you will need around $16,000 when you close. This amount is the bare minimum, according to realtor.com.<\/p>\n<p style=\"text-align: justify;\">Below are six ways to save extra money for a home.<\/p>\n<p style=\"text-align: justify;\">Waiting a year or more gives you many more options for assembling the down payment and cash for other moving expenses :<\/p>\n<p style=\"text-align: justify;\"><strong>1. Get a smaller apartment.<\/strong> Assuming you\u2019re living in an apartment, consider moving to a smaller one or one in a cheaper neighborhood. This works particularly well if you\u2019re single or living with somebody and have no children. Even better, live with your parents for a year. Getting rid of a $900 housing expense would save you $10,800. You may not need much more than that depending on the size of your home.<\/p>\n<p style=\"text-align: justify;\"><strong>2. Don\u2019t spend your windfalls.<\/strong> Did you get a company bonus? How about a tax refund or some other unexpected sum of money? Put all of that cash toward your down payment, assuming you don\u2019t have delinquent or high-interest debt.<\/p>\n<p style=\"text-align: justify;\"><strong>3. Find a part-time job.<\/strong> When you have to save a sizable chunk of money, it\u2019s going to be inconvenient. Can you get a part-time job and put all of your paychecks into your house fund? Or can you freelance in a skill you already know? Don\u2019t just look for ways to save, also look for ways to earn.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Save less for retirement.<\/strong> You might be well on track to reaching your retirement goals. If that\u2019s the case, maybe scale back. If you\u2019re matching your 401(k) up to the 6% company match (or however much your company matches), put the rest of your money into your house fund. But don&#8217;t stop putting some money aside for retirement. Saving for your later years is more important than saving for a home, so don\u2019t take money from your retirement for your home.<\/p>\n<p style=\"text-align: justify;\"><strong>5. Little Things Add Up.<\/strong> Two fewer cups of Starbucks coffee a week plus eliminating going out for lunch twice each week can save you a lot of money over the course of a year. Let\u2019s say that your coffee is $4 a cup and lunch is $10 per, that means an annual saving of $1,456.<\/p>\n<p style=\"text-align: justify;\"><strong>6. Cut out expenses.<\/strong> Can you cut the cord on cable, get a cheaper cell phone plan, use the road for workouts rather than the treadmill at the high-priced gym? Nobody wants to say it out loud, but most people have plenty of places to skimp on or eliminate expenses. It won\u2019t be convenient, and you may miss not having them, but it\u2019s necessary if you&#8217;re serious about saving.<\/p>\n<p style=\"text-align: justify;\">The Bottom Line<\/p>\n<p style=\"text-align: justify;\">Ask yourself this question : Is my short-term comfort more important than buying a home? If your answer is no, live well below your means now so you can live better once you\u2019re in your home. Saving more now means you&#8217;ll have more for the down payment, which will lower your mortgage payment \u2014 sometimes by hundreds of dollars per month. Then when you&#8217;ve saved enough, use a resource like a mortgage calculator to research current interest rates and total mortgage costs.<\/p>\n<p style=\"text-align: justify;\">It\u2019s true that interest rates may rise while you\u2019re waiting, but probably not enough to outweigh the costs of saving, more especially when you consider your total cost over the life of the mortgage.<\/p>\n<p><a href=\"https:\/\/www.msn.com\/en-us\/money\/realestate\/6-ways-to-start-saving-for-a-house\/ar-AAmHBfu\" target=\"_blank\">6 Ways to Start Saving for a House<\/a> by John Smith | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to purchase a home? Even with the housing market pretty much back from the doldrums of the 2008 Great Recession, real estate experts say there\u2019s still plenty of room &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/start-saving-for-a-house\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4935","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Start Saving for a House &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/start-saving-for-a-house\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Start Saving for a House &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Want to purchase a home? 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