There are potential buyers who want to purchase a home. Questioning them, I find they have good credit and a good income, so what is missing?
They have no extra funds saved, no substantial down payment, for a rainy day.
Let's talk about savings and my suggestion.
Start a 'house account.' Set up a bank account, and name it something that will be encouraging, like "Our Own Home," 'The No-More Renting Fund.' or ' Landlord Freedom.''
There is one main rule. This account only goes one-way deposit! Never touch this money other than for your future home. What goes into this account stays in! Here are a few suggestions to get started.
When you are online or out shopping and ready to buy, ask if you need it. Is it a necessity? If not, deposit the amount you would have spent in your "no more renting" fund. Each time you go out to eat, think about the cost, and what if you banked the savings of that gourmet meal and chose something less pricey?
Keep a unique penny bank in the house. Maybe one for
each person or make it a total family collection. All loose change goes in there. Now think about occasions Birthdays, anniversaries, and holidays. Get the family and kids involved—no more big presents.
When you are about to spend some money for that occasion, and your family asks what you want for your special day, tell them about your 'dream house fund' . Get your relatives on board. Most parents love this kind of gifting. Have your checks and deposit personalized with 'Dream House Account.'
It has been so rewarding when buyers have taken this advice.
Each family member should be thinking about the savings. Get them involved with looking forward to a private bedroom, a playroom, a backyard, a movie room, less commute time, a home office, a gourmet kitchen, a workshop, or a garage. Go ahead and make that list of all the things you can have when it's your private home.
You need all three
Income
Credit Score
Downpayment
Thinking about buying a home
Call Margaret Rome
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