Saving for Down Payment in a Bad Economy

By
Real Estate Agent with Keller Williams Realty Peachtree Road

A Client told me the other day they wanted to purchase a home. When I asked how much do you have saved for your down payment they said nothing. "I can't save money when I have bills to pay" So how do you plan to purchase? Why can't the Seller pay for it! I was so confused. Where are Buyers getting this information? This had me thinking of what Buyers can do to save money.

1. Gift money from parents. Often your parents have savings and are willing to gift you the money to become a homeowner.

2. Eat out once a week and take your lunch to work. This includes drinking $5.00 a day coffee and having cocktails out with friends weekly.

3. Borrow from your 401k.

4. Get a part time job and use all the money for the down payment.

5. Rent a cheaper place or move in with a family member.

It may take a year to 18 months but you will be well on your way to homeownership.

Posted by

Warm Regards,

 

Dawn Richardson

Keller Williams Realty Peachtree Road

480.255.8149

Comments (2)

Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

Dawn,

Some great ideas here.

What better reason to scrimp and save if not for the largest purchase of your life?

Aug 31, 2010 04:21 AM
Ritu Desai 703-625-4949
Samson Properties - Ashburn, VA
Northern Virginia,Washington DC & Maryland Realtor

Dawn, I like the list but I would disagree with borrowing against 401K.

Aug 31, 2010 04:21 AM