3 Tips to Start Saving for a House

Having a hard time saving for a home investment? Check out these tips that might help you to start saving for your next dream home investments.

Below are 3 tips to start saving for a house:

Simulate Mortgage Payments

The problem with all the methods mentioned above is that they do not take your financial habits into account. So what is the best way to answer this question: How much house can I afford?

Personally, I think the best answer is to simulate your home ownership experience. Take your mortgage for a test drive! Say you’re paying $1,300 a month in rent today, and you’re looking at a $1,500 monthly mortgage payment. To be conservative, we’re going to add a 20% premium on top of the mortgage to account for homeowner’s insurance, real estate taxes, private mortgage insurance (PMI), maintenance, and additional utility costs, for a total of $1,800. Source:  Moolanomy

 

Save Less for Retirement

You might be well on track to reaching your retirement goals. If that’s the case, maybe scale back. If you’re matching your 401(k) up to the 6% company match (or however much your company matches), put the rest of your money into your house fund. But don’t stop putting some money aside for retirement. Saving for your later years is more important than saving for a home, so don’t take money from your retirement for your home. Source:  Investopedia

 

Save Your Cash

Requirements for getting a mortgage loan often change, and if you are considering applying for a home loan in the near future, be ready to cough up the cash. Walking into a lender’s office with zero cash is a quick way to get your home loan application rejected. Mortgage lenders are cautious: Whereas they once approved zero-down mortgage loans, they now require a down payment.

However, down payments aren’t the only expense you must worry about. Getting a mortgage also involves closing costs, home inspections, home appraisals, title searches, credit report fees, application fees, and other expenses. Closing costs are roughly 3% to 5% of the mortgage balance – paid to your lender before you can seal the deal. Source:  MoneyCrashers

Contact:
Gary Wong, MBA
Macdonald Realty,
2105 West 38th Avenue,
Vancouver,
V6M 1R8
Phone: 778-862-9787
Office Phone: 604-263-1911
info@www.garywongrealty.com

What Our Clients Say

“I think Gary’s a very professional Realtor, that’s not just coming from me as a Mentor, it’s because I’ve worked with him, he truly cares about the client… You want to work with someone who is caring.”

I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.”

“It’s because of [Gary’s] knowledge, his insight, the way that he analyzes and he’s able to put real estate in perspective… he really is genuinely interested in me and what i’m looking for, that blew my mind… because he knows the market and he specializes in the luxury market he’s really able to provide that insight”

“The word professional sums up Gary, extremely knowledgeable… extremely honest, he didn’t sugar coat things… Gary will get it done, he’s done it for me, he’s done it for lots of people I know.”

Let Me Help You Achieve Your Real Estate And Financial Goals

Real Estate investing can be a long and arduous task. But it doesn’t have to be.

With my help, and my team, we’ll make sure the process is smooth, straightforward, and as simple as possible for you. As an award-winning REALTOR®, my team and I work with diligence to help you achieve your goals. We’ll deliver exceptional results with attentive care.

So whatever your real estate goals are, 
Let’s Make it Happen.

It’s what we love to do.

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