Have you always dreamed of owning a home but felt you couldn’t afford it? There are many possibilities, and owning a home is within reach! Chances are that even with your current household budget, you can put aside enough savings for a down payment on a house in one or two years, maybe even less. It’s all a matter of how you manage your money.
If you have been thinking about buying a house, it’s never too early to start saving. Most home sales require 20% of the purchase price as a down payment, or substantially less if you are a first-time homebuyer. The sooner you start saving, the sooner you will be ready to do some serious house hunting.
Is 2019 going to be the year you buy a new home? If you have been waiting for the perfect time to buy, then there is no time like the present. The housing market continues to fluctuate based on any number of factors, such as the amount of homes on the market and changes in mortgage rates. If you have been tracking the housing market, then you know how volatile it can be—and housing prices are expected to go nowhere but up, so it might be time to stop thinking about buying a home and actually take the next step.
In the past, we have written about creating a household budget and managing the family expenses. There are some costs, such as groceries and utilities, that you will incur no matter what your living situation, but if you own your home, you will have homeowner expenses that you may not have anticipated.