The time to stop renting and start buying is now. However, it is no secret that homes are a big financial commitment. Having enough money saved for a down payment, as well as paying for all the additional closing costs can feel a bit overwhelming for any buyer.
So, if you are a first-time homebuyer and are interested in purchasing a new home, then we are here to help. Our team of experts at A&M Home Builders have listed some useful tips to help prepare you for the financial expectations of buying your dream home.
Tip #1: Open A Separate Savings Account
By opening a separate savings account, you can designate that for your new home fund and not feel tempted to spend that money elsewhere. Pick a certain percentage of each paycheck and have that amount automatically deposited into that account. Out of sight, out of mind is the motto here. If you are not constantly looking into that account then you will forget the money is there and, therefore, it will naturally build over time. When you are ready to purchase your new home, the money will be there, untouched.
Tip #2: Budget-Friendly Vacations
Some families feel that if they are making a big purchase, then they are unable to vacation with their loved ones for years. Now, we’re not saying don’t take well-deserved time off to relax, but instead, focus on taking more budget-friendly vacations. Take a road trip with the family, head to the beach, or going camping are still great ways to disconnect from everyday life without having to dip into your savings. Try this tactic for a year and put that money that you would’ve spent on a lavish vacation directly into your savings account for your new home.
Tip #3: Use A Budget Friendly App
“There’s an app for that” truly applies to everything, especially when it involves saving money. There are multiple budgeting apps that can help you achieve your financial goals for free. Mint is an excellent source that will help you recognize where you can scale back on your finances and it will help you set achievable goals.
Tip #4: Avoid Making Additional Large Purchases
To help save for a new home, try to avoid making any additional large purchases. Just because you are buying a new home, does not mean everything else you own has to be brand new as well. If you have a good working car, then keep it for now. You don’t need to splurge on a new vehicle, a new boat, or tons of new furniture right away. Try to just focus on saving money for your home and avoid opening any additional lines of credit until you are officially moved in.
Contact Us
At A&M Home Builders, we are your local Clay County contractors that specialize in well-crafted homes for quality people at a reasonable price. We believe in giving back to the community and are devoting our professional services to providing homes for the working class, first responders, nurses, and teachers. If you are interested in buying a newly built home in Clay County, then please contact Tobi McGuigan at 904-449-1922 or Joshua Anderson at 904-955-1758.
