Buying property is a lifelong dream, but getting together the down payment can seem like an enormous obstacle. After all, if you want to put down the standard 20% of the selling price, it could amount to tens of thousands of dollars. While that may seem like a lot, some careful budgeting and the tips below will help you reach your goal.

How to Save Up for a Down Payment

1. Set a Goal

Knowing how much you’ll need to save before you start house hunting will help you develop a long-term financial strategy. Getting prequalified for a mortgage will help you figure out how much you can afford to spend. Once you have your budget set, aim for saving up at least 20% of that figure and set a date for when you’d like to have that much put away by. 

2. Set Up Automatic Transfers

Automatic transfers are a great tool for automating your savings, eliminating the need for you to manually set money aside every month. If you can cut costs and free up extra money, you can add those funds to your savings at the end of the month.

3. Skip a Vacation

Taking the family on even a short vacation can cost a few thousand dollars, which could be better put toward your down payment. If you’re planning on buying property soon, skipping a vacation can be a small sacrifice that can help you achieve your dream.

4. Track Your Monthly Expenses

Look back through your past few months of bank statements to see where your money goes every month. Looking through a few months of spending can help you identify ways to cut corners and eliminate waste, increasing the amount you can put into savings every month.

If you’re planning on buying property anywhere in the Oak Rich, NC, community, the agents at The Justice Group have the expertise to help you find your next dream home. Their award-winning team has been serving home buyers throughout Guilford County for more than 18 years, building a reputation for giving each client personalized service. Call (336) 324-5716 to speak with an agent today, or like them on Facebook. for more tips and advice.