The housing marketing in Charleston is booming. Each day, over 40 people move to Charleston and are buying up the available inventory. There are tons of housing developments in the works and currently being planned, so many new home buyers do have options for inventory. If you are thinking of buying a house in Charleston, we recommend coming to the table sooner rather than later, but saving money for a down payment is one of the hardest and most stressful parts of owning your own home. To keep your mortgage manageable, it’s recommended to have a 10% to 20% down payment ready to go when you’re buying a house. If you don’t have that, you may have to pay more on the monthly mortgage bill, have additional loan payments, along with other additional payments and taxes.
Make Savings Goals & Your Personal Timeline
What do you expect out of your savings? It’s very important to have a plan and goals for savings. Planning out your budget, timeline, and expectations can help you not be overwhelmed at the thought of gathering so much money. A timeline and a goal can also help you figure out how soon you will actually be able to purchase a home!
Open A Separate Savings Account
Every paycheck, putting a little (or a lot!) money into a specified down payment savings account can help you track your savings. You’ll also be less likely to take money out of that account if you tell yourself it’s the down payment account.
Check Your Spending
Do you go out to eat a lot? Or maybe you have two different Netflix accounts. Take a month or two and watch what you spend your money on very closely. There could be some pretty blatant spending habits that are costing you more than they should. Try to align your spending with your goals and timeline. Make simple choices and go in small steps so you don’t overwhelm yourself. One of the easiest ways to save is to pack your lunch a few days a week, and cook meals at home. You’ll not only be saving about $200-$500 a month, you’ll be much healthier too!
Shop Around To Save
Whether it’s car insurance, television, or picking up groceries at a different store there are tons of ways to save a few dollars here and there. Look into ways to save on every single thing you buy. Small changes spread over time can make a big impact on your savings.
Mortgage and First Time Home Buyer Credits
For most home buyers, a mortgage simply makes more sense than paying rent. You’re investing in something you own, and in a market like Charleston’s you’re likely to make money in the long run. Even if you can’t quite put down that as big an amount that you want, there are multiple money-saving perks of being a first time home buyer including:
- Tax Deductions
- First Time Home Buyer Loans
Buy Real Estate in Charleston, SC
Ready to take the plunge? The Charleston real estate experts at The Block will not only help you find your perfect home, but they will also help you navigate some of the buying steps. We’re ready help you find your fit in town on your budget! We will show you the real Charleston and make sure you know what neighborhoods, styles, and costs are perfect for you. Get in touch with us online or call us now at (843)884-1622.
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