What type of advice can I follow to save up for a house?
A lot of clients are ... their eager to buy and the thing that's really holding them back some of the times, it's just a down payment.
So the tips that I usually like to give my clients for a down payment is start saving early, definitely.
1. Save tax rebates
If you have your tax rebate that comes in, a lot of clients get some pretty big tax rebates from the government, if you have a decent, good year on your taxes, save that right away. Put it into a savings account.
Maybe you work out your budget to see how much money you can throw in a monthly basis, right? And just put it towards your down payment.
If you're paying off debts a lot sooner than you think, more than over the minimum payment, sometimes you might not need to do that.
2. Pay the minimum on debts to save for a house
You can actually just pay the minimum payment that's required to save up money for your down payment to get into the house sooner.
And then once you're in your home, then you can start paying your debt off as much as you want at that time.
3. Sell any extra assets
I've advised clients on selling some assets that they might have. They might have a few more vehicles than they need, so I've actually advised to sell some vehicles.
Some of my clients have done that, got their down payment through that.
4. Use your stocks, bonds, RRSP
Stocks. If they have some stocks, have some bonds, RSPs is a really great one to start using towards down payment if you're a first time home buyer.
5. Ask help from family
And the other one that a lot of people don't really consider is just checking if your family can gift you the down payment, which is a good majority of first time home buyers.
Because people realize that it is tough for a first time home buyer to be able to pay rent, and save and have the obligations that you might have. Your family might be willing to help you out, that's perfectly okay.
Professional Realtors, Marisol Mendez and Esteban work together and represent early buyers for the purchase or sale of new or used homes in Houston. “I am a Real Estate Professional in the Greater Houston Metropolitan Area. It has been my greatest pleasure to have helped many families close on their properties in the Houston Area. I am committed to making sure that your buying/selling experience is an enjoyable one. I am passionate about what I do and always looking out for the best interest of my clients.”
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