Buying a house is not cheap. More buying the house of our dream comes at a hefty tag price, down payment, closing fees, appraisal fees, mortgage, maintenance fees, tax and in some cases renovation fees. So how can we save money for a house? Here are some creative tips that can help you achieve that goal.
Out of The Box Steps to save money for a house:
A.Trim your budget:
- Cut cable
- Pack your lunch
- Make coffee at home
- Cancel gym memberships and all unnecessary membership payment. For the gym, for example, take advantage of all the outdoor activities.
B. Increase your income:
- Work overtime
- Start a side business
- Get a second job even a third job
- Change job and go for jobs with commissions and bonuses.
A saving circle is a great way to work towards achieving that goal. Because is a group of like-minded people and the support system provided will keep you on track. Also, they are many saving circle opportunities available out there including organizations.
Co-buy a house will not only save you a lot of money but also enable you to get access to your dream house, in your dream location. In addition, because it is a pool resource you can be more ambitious. Obviously, you need to associate yourself with people trusted and reliable people. After, the purchase you can renovate the house and modify it to fit your vision.
E. Renovate the family house:
One of the most surprising ways to save money is simply by improving your parent’s house. Indeed, if your parent’s house happens to be in the same city, apply for a permit and redesign the house to fit the new paradigm. Actually, this is very effective in many countries around the world. Typically they will just add a new apartment in the family property.
F. Take advantage of high-interest on savings account and leverage the interest.
Some bank will offer a pretty decent interest rate in a savings account if you put in a certain limit every month. Even better if you block the money for a certain period of time usually at least 6 months. Moreover, if you are a member of a saving circle or any other similar program chances to achieve a high interest is bigger.
E. Keep away your ego
This is a very important aspect if you want to save money to buy a house. You’ve got to get a hunter mindset. Because you are in the lookout for any opportunity that can help you to achieve your goal. That is why you don’t have to neglect any opportunity either to make money or to save money. In addition, you need to be willing to take strong action steps.
In summary: How to save money for a house
Saving to buy a house is challenging as illustrated by many available resources. Nevertheless, by leveraging the power of the power you can minimize the risk associated with house ownership before, during and after the process.