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5 Ways to Save Money When Buying A Home5 Ways to Save Money When Buying A Home

Buying a house in LA is not an easy task and especially not pocket friendly. You must be earning around $127,000 annually to even be eligible to buy a single family home. Moreover, even after paying 20% of the down payment of the house, you are expected to pay $3,000 for monthly mortgage. So, how do you begin saving money for the house? Or how to save money when buying the house? We put together a few professionals and got down to answering these questions and much more so that you are completely prepared for buying your new house.

Decide the amount of money you wantDecide the amount of money you want

Before even saving up for a home, you need to set a budget and look for houses that can fit well within that budget. Then, based on that budget you will have to make a long term plan in order to decide within how many years would you want to buy the house. Remember the longer you take, the more expensive the house will get. So, try to save up money as much as you can as fast as possible.

How to save up for a house?How to save up for a house?

Saving up money is an essential to buy a house. Purchasing a house is nothing like anything you have bought before. You have to make up a plan and find ways to save a lot of money to make ends meet. We would advise you to set a monthly savings goal and achieve it. Remember to note down the price of the type of house you want so that you know exactly how much you need to save.Following is a list of things for you to do in order to save up for a house:

Setting up a Savings Account/ High Yield Savings Account Setting up a Savings Account/ High Yield Savings Account

We all have that moment where it clicks us that we should do something about our living situation; own a house and live in it instead of renting a place. The day you get your this moment, go to you bank and open up a savings account. However, this savings account would hardly give you any profit considering the little interest you would get. So, a better option for you would be to open up a high yield savings account. This is because these accounts give you a lot more interest than your average bank savings account. In fact, you can get a Certificate Deposit for a high yield savings account to compare and contrast how much you interest would you get from it and telly it with the interest the bank is offering. Then, whichever option attracts you the most, go for it.

How much to put in that savings account? How much to put in that savings account?

First, plan out your monthly budget and figure out the total amount of money you need to spend on a monthly basis. Then, the rest of the money that gets saved up from your cheque should be immediately transferred to your savings account. Do this at the start of the month immediately after getting your pay cheque.

Decrease your Expenses Decrease your Expenses

Once you have made a list of your monthly expenses, think of what you can cut from that list so that more money can be saved. The whole point of this is to help you achieve your goal much faster. Deposit all that saved up money in your savings account so that you do not go ahead and use it on something else.

Money instead of Gifts Money instead of Gifts

We are sure you receive plenty of gifts in the holiday season or on your birthdays. So, how about you to talk to your friends and family and ask them to give you money to deposit in your savings account as a gift rather than actually buying you one. This would be a great way to add a couple more dollars in your account.

Tips and Tricks to Saving Money when Buying a House Tips and Tricks to Saving Money when Buying a House

Listed below are 5 ways to help you save money when buying a house:1) Using a Real Estate Agent2) Credit Score3) Home Inspections:4) Mortgage Loans:5) Avoiding Private Mortgage Insurance (PMI)

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