Everybody wants to buy their dream house, as simple as it may appear there are certain challenges that are involved. One of them is a lack of sufficient money to make a down payment. So, irrespective of whether you have been out and about in the city and found a place to live in, settling for the new house is almost like traveling, you must have your fare ready.
Don’t have enough money at your disposal? Relax, listed below are some of the tips that will ensure you save money for the down payment and get to pay for a new house in no time. The tips will also show you how to remain financially stable even after making the down payment.
Know how much you need
The first step is to determine the cost of the down payment, in order to know the amount you are going to require. A good hint on this would be to talk to a competent Dallas Gay Realtor who can listen and understand your situation or the kind of house you are looking for. This will ensure that you get a good estimate of the new home, and clearly the amount needed for the down payment. Just to be clear, down payment normally ranges from 3.5% – 20% of the total home purchase price, though the range is mainly dependent on loan type or the lender.
Make your Future home your top priority and Motivation
It doesn’t matter whether your down payment would be $20K or more, what is clear is that it may take some time for you to save up the money.
If you want to achieve such huge saving targets, let your future home be your greatest motivation, so you will work hard to make your dream come true. If possible, get good visual reminders that will be within site to remind you that you have something to achieve. Another hint you should consider is to have a picture of your dream home placed on a big piece of cardboard or to make things interesting, a poster board. You can also spice the motivation up with inspirational messages e.g. “My Dream House!” you can add a countdown timer that would indicate something like “Only 9 months and 23 days until I purchase my dream home.”
Such ideas may appear crazy, but if you give it a try you will be amazed by the positive potentials. You see your mind doesn’t operate like a computer; it needs some kind of positive support for it to continue pushing further, or else it will be demoralized and definitely you will lose your momentum.
Find out What Jeopardizes your earnings and Deal with It
Now that you have your time span ready and some motivation, all you need to know now is ways of saving more cash in every possible way. At this point, you need to observe your spending habits for the last two months to realize the category in which you have been wasting money, and substantially reduce it. It could be that you have been eating out or travelling unnecessarily, so this is a good place to start with to save more money for the down payment. It doesn’t matter which case, but it’s time you lower your spending habits to the lowest level possible. This way you can ultimately speed up your savings and thus will own your new home sooner.
Find Ways to Earn Extra Income
Gone are the days when you could just depend on your own job, nowadays there is a huge variety of side jobs and ways to earn additional income. The internet is an amazing workplace where you can earn money as a freelancer for instance; this will boost your savings by whooping margins. You can work as a freelancer on sites such as oDesk.com, Guru.com or Elance.com where you get offers for your services for a pay. Cool isn’t it? All you need is a computer and a reliable internet connection, the above mentioned sites are available for bid offers e.g. some of its members are writers, virtual assistants, illustrators etc. This is good since you will be working at the comfort of your home. You can make from a couple of hundred, to a couple of thousand dollars per month online (or through conventional side jobs using skills you have) this will boost your savings greatly.
Set Milestones, Beat them and Celebrate without Giving Up.
Everything starts from a small beginning, just like a journey of a thousand miles begin with a step, so motivate yourself by saying “A journey to $1000 begins with $1”, every dime counts when it comes to saving. At least learn to appreciate your effort, so if you are saving $20,000 don’t wait until you attain the entire amount, you can treat yourself to a nice meal at an awesome restaurant each time you achieve $3,000.00 (for instance). By doing this, your motivation will never go down and you will be working hard to get another reward soon. Have fun and appreciate your efforts along the way as you save enough money for a down payment for your dream house.
Author Jeff Hammerberg is the Founding CEO of http://www.GayRealEstate.com. Free Instant Access to the Nation’s Top Gay, Lesbian and Gay Friendly Realtors Coast to Coast. FREE Buyers Representation ~ Free Relocation Kit to any City, USA ~ Free Sellers Market Analysis for home sellers.