How To Save For a Sizable Home Down Payment

How To Save For a Sizable Home Down Payment in Charlotte

When purchasing your first house for sale in Southpark, it’s important to have a substantial down payment in order to avoid the extra cost of mortgage insurance, if possible. A down payment not only eases your financial load, but it also allows you to get a bigger and better home. Read this article for tips on how to save for a sizable home down payment for your dream home in Charlotte!

How Much Can I Afford?

The first step to saving for a down payment for a Waxhaw house for sale is to make a clear plan and figure out how much house you can afford. According to the National Association of REALTORS, nearly 60 percent of homebuyers financed using a 6 percent or less down payment!

The most current median home price is $258,300. 6 percent of this is $15,498. Keep in mind that you may be able to afford a home more or less than this number. However, for the sake of simplicity, consider these average numbers to start.

Forego the Large Specialty Latte

Do you go out for coffee every morning and get the fanciest drink on the menu? Cutting back or even completely giving up this habit saves more than $1,300 per year! Surprisingly, even small choices such as these make a huge impact on your bank account balance.

More Books and Less T.V.

Did you know that getting rid of cable T.V. saves you almost $1,200 every year? Yikes! Instead, opt to use your local library more and check out that novel you’ve been wanting to read.

There are also movies you can rent for free! Get creative and explore budget-friendly ways to enjoy entertainment and relax at the end of your busy work day.

Assess Your Car Situation

Car expenses are a huge. Dropping a car and taking the bus easily saves more than $8,500 per year! This can help you quickly reach your down payment savings goal for an Uptown Charlotte condo for sale.

Do you have more tips on how to save for a sizable home down payment? We would love to hear how you did it!