Ignite FB Tracking PixelHow To Save Money When You're Buying A Home - Scott Swonger, PA Realtor ®
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Scott Swonger, PA Realtor ®, Gulf Shores RealtyPhone: (941) 600-3534
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How To Save Money When You're Buying A Home

by Scott Swonger, PA Realtor ® 04/07/2021

The factor that has the most impact on your home search is your finances. You’ll need to save a significant amount of money. It’s not easy to save when you have continuous monthly bills and responsibilities. Read on for tips on how to get your finances under control in order to save the amount of money it takes to buy a home.  

 

Do A Budget  

 

 

Once you have decided to buy a home, the first thing you should do is take a good look at your finances. A budget is critical when you buy a house because it tells you how much you’ll have to spend on your mortgage. Doing this ahead of time will allow you to maximize your income and make adjustments ahead of time as needed. Don’t forget that even though you’re buying a home, you still need some savings in addition to all of your other monthly expenses. Your budget should be outlined as follows:

 

  • Necessities
  • Monthly utility spending 
  • Insurance bills
  • Entertainment expenses
  • Grocery spending

 

Basically, you want to write down how much money is coming in and where all of the money is going. That’s a budget in a nutshell. See where you can cut back. What you’re left with is the amount you can save each month. You may want to do this on a percentage basis rather than a flat dollar amount. 

 

Get A Separate Account

 

The most straightforward things to do when you start saving for a home is to put all of your money for your house fund into a separate account. This way you can automatically transfer money in, and you’ll be less likely to spend any of the money if you don’t see it.

 

Sacrifice The Small Things

 

Can you take some hand me downs for your kids? Maybe you can start packing a lunch for work instead of buying lunch. Can you cut the cord on cable? It may be hard to sacrifice small luxuries, but these expenses can add up. If you cut these out of your budget, you’ll have a little more wiggle room to save for a home purchase. You’ll be surprised how much money you can save just by doing little things. Your morning latte is probably around $5. You could save at least $25 per week by merely making coffee at home! That’s a saving of over 1,200 per year!   

 

While saving for a home can seem overwhelming, if you take it in small chunks, you’ll be see the results of your efforts rather quickly. 

 

Brought to you by Scott Swonger, LLC

GULF SHORES REALTY

 

About the Author
Author

Scott Swonger, PA Realtor ®

I pride myself on educating home buyers when it comes to their single largest purchase. I love to research properties, especially condominiums. It troubles me when I hear stories of families buying into a condominium complex that has not been managed properly or does not have proper reserves. I feel an essential part of my job as a full-service realtor is to guide buyers to the best possible home we can work to find together.

I am married to the love of my life Marty and I am the father of three grown children and 6 grandchildren and now 1 great grandson. They all love their “Poppa Scott”

Please feel free to reach out to me with any real estate questions or needs.

I have a philosophy I have lived by for years.

“Successful people allow others to help them.”

I look forward to working with you! 

Scott