Saving to Buy a Houston TX Home in Just One Year
If you’ve been thinking about buying a Houston home in the near future, the concept of budget—including the down payment and potential mortgage each month—is probably fresh in your mind. We shared in a past blog post that millennial home buyers are still on the fence about buying a home due to such factors as student loan debt, rising home prices, and down payment difficulties, however, it is possible to conquer those home buying concerns by saving in as little as one year.
Below are five ways you can save to buy a Houston TX home in just twelve months:
There is no question that rising rents in the area can make it difficult to save to buy a home. With the majority of your income each month going to housing expenses, it seems the best answer is to downsize or find a way to lower your rent. Buyers can consider a roommate to help bring down costs, moving in with a family member or friend, or finding a smaller place (with lower rent) to call home for the next year. Even if you can save $100 on your rent each month, the savings will amount to $1,200 in a year!
Make a budget
Take some time to sit down and write out a budget for yourself. How much are you allotting to groceries, utilities, clothing, and other entertainment expenses? Find items that could stand to be cut from the budget, for instance, spending less on new clothes, ditching the daily coffee run or even cutting cable. Once you have the budget in place, it is essential to stick to it to reap the rewards. Just remember, the savings adds up and if it’s going toward a new Houston home, it will all be worth it!
Lower operating expenses
There are certain operating expenses associated with your daily life, including your phone, internet, insurance and credit cards. How much of your monthly budget is tied up in these costs? In order to save for a home, Houston buyers can switch to basic plans, inquire about discounts when available, and move carriers if additional savings is possible.
Sell for savings
When saving for a Houston home, every dollar counts and what easier way is there than parting with new or unused items you have lying around? Everything from clothing you have yet to wear to electronics that are no longer being used can be sold for a profit and just like that, savings is earned.
Find new entertainment
Just as we mentioned above, entertainment expenses may take up more of your budget than you’d like when trying to save for Houston TX home. Find ways to lower this section of the budget each month, even if it means forgoing the movies and subscribing to Netflix instead. If your entertainment involves going to the gym, you might like to consider canceling your membership and looking for free classes in the area instead or working out at home. You’d be surprised at how much this alone can save you in one year!
Whether you’re taking the first step toward homeownership or have a down payment already started, the KW Energy Corridor Team is here to walk you through the home buying process and help you find your ideal Houston home! Contact us today for your personal real estate consultation!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079