4 Tips to Save for a New Home

Dated: May 9 2022

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4 Tips to Save For a New Home

Are you thinking about buying your first home?  The first most important thing you should do is speak with a lender.  Each lender has slightly different offerings so depending on what my clients tell me, I refer them to a lender that I think will match their needs.

When you speak with the lender, they will look at your credit report to determine if there are any hiccups in your credit.  If there are, they will give you guidance on how to correct.  They'll also give you recommendations on how to best lower your debt to help you raise your credit score.  You'll get better rates on a loan the higher your credit score is!

Now that you have an idea of how much cash you'll need to buy a home, it's time to start saving!  Here are a few tips to get you moving in the right direction.

1. Set up a budget and a timeline.  Creating a budget will help you determine how much you can realistically save which will also give you a timeline as to how soon you can buy.

2, Open up a separate savings account just for buying a home and make automatic contributions.  By keeping this cash separate, you are less likely to dip into it if you are short any given month.  I've gone as far as keeping it in a totally separate bank.

3. Reduce your monthly expenses.  Check your insurance policies...you might be able to get a new policy at a lower price.  Don't forget phone and cable bills too.

4. Track your spending then create a budget.  Where does your money go to?  Are you eating out a lot or getting a latte every day.  Small cuts here and there can be put into savings.

Don't forget to celebrate your accomplisments.  Every time you reach a savings milestone, give yourself a small reward.

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Nancy Pav

Nancy has been a licensed real estate agent for 25 years helping clients all over the Northern Virginia region with both resale homes and new construction. She is a consistent top producer, having att....

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