Boost Your Home-Buying Power with a Larger Down Payment
Your down payment plays a significant role in determining your home-buying budget. The more you have saved, the smoother and more effective your house-hunting process will be. Consider these creative ways to save for a down payment:
Reduce Your Current Expenses (Even Temporarily)
- Evaluate your monthly bills and identify areas where costs can be reduced.
- Compare car insurance rates to ensure you’re getting the most competitive deal.
- Explore bundling or adjusting cable and internet services.
- Contact your cell phone provider to check for potential savings on your plan.
- Review subscription services and determine if any can be paused or canceled.
Sell Unused Possessions
- Declutter your space and sell items you no longer use on platforms like Craigslist, Facebook Marketplace, or at local second-hand stores.
- This approach not only helps generate extra cash but also tidies up your living space.
Start a Side Hustle
- Leverage your skills by offering services online or participating in craft fairs.
- If you’re unsure what to offer, explore the gig economy through services like Uber Eats or TaskRabbit, which are relatively easy to join.
Let Your Money Work for You
- Consider options like high-yield savings accounts, certificates of deposit, or other investment tools.
- Investment apps such as Acorns allow beginners to invest small amounts and grow their savings over time.
- Consult with a financial planner to determine the best approach for your goals.
Have Questions About Your Down Payment?
Call, text or email me to start a conversation. I’m here to support you every step of the way on your homeownership journey.
Sonia Comisarenco, Realtor®
Website: sonia.teamprice.com
Email: sonia@teamprice.com
Phone: 512.577.5208
