Home ownership in many ways is the American dream. Instead of paying money to someone else - just for the privilege of living somewhere you can build equity, make improvements and customize it however you want. Unfortunately to buy your first home it requires that you be prepared to go through months if not years of preparation. This can be challenging as the goal post seems to get farther and farther away every year as prices continue to increase. Here's some tips to help you get ahead and ultimately save the money you need to buy your first home.
Just as an example, check these San Diego real Estate prices. It's is absolutely crazy right now. just this week, the median home price here hit $583,000! While that is out of reach for most people, the story isn't so dire at other parts of the country. Regardless of where you live though, these tactics to help you save the money needed for your first home.
Do Your Research By Checking Out Different Neighborhoods
Look around at different neighborhoods and what homes are selling for right now as well as what they sold for last year and even five years ago. This will help you set a realistic number for how much you need to save up.
Talk With Your Financial Planner
I work closely with Block Advisors and while our guy started as merely our tax man, he provides a wealth of other information to help us better understand other aspects of our business.
Create a Savings Plan
Whether it's taking a percentage of money out of your paycheck every week and adding it to a savings account or getting a side hustle like driving Lyft for instance, you're ultimately going to need to start saving money to use for your down payment.
Look For First Time Home Owner Programs and Other Benefits
If you are a veteran or a first time home owner, there are various programs and incentives out there that you can take advantage of. Some of these programs will