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| Lexington Homebuyer Down Payment Tips |
Do you want to buy a Lexington home in the foreseeable
future? As your Lexington real estate agent, I’ll be the first to tell you that
now is the time to buy in Lexington! According to the latest reports, home prices and
mortgage rates are predicted to increase by 4.7 percent by this time next year.
If you’d like to buy, but aren’t sure how to cut down on
costs in order to save up a down payment, Trulia shared some great tips on how
to ‘trick your mind’ into saving. Here’s a summary of some of their tips:
1. Take away your spending money. If you are saving up for a
down payment in your checking account, switch the money over to another account
that doesn’t have a debit card attached to it. This way, you won’t be tempted to
spend that money! You could also stop using debit cards altogether, and limit
yourself to a certain amount of cash to spend each month.
2. Automate savings. It’s easy to want to save, but then to
spend the money before you ever transfer it to your savings account. To ensure
that you’re saving money every month, or from every paycheck, set up an
automated account that diverts some of your income into a savings account each
month. Then you don’t even have to think about it!
3. Set goals and reminders. A great reminder would be to post a
picture of your dream home to a highly visible area, like your refrigerator,
nightstand or desk, or make it your computer background. This will remind you
what you’re saving up for. You could also create a savings timeline, with specifics
on how much you need to save and how long you’re giving yourself to do it.
4. Match purchases with savings. Every time you buy an impulse
item, or something significant, put that same
amount of money into savings. Sometimes the thought of spending double will be
enough to deter you. If you buy an item on sale, figure out how much you saved,
and put that amount into savings.
5. Find support. Fill your family and friends in on your
changes in spending habits. Post on social media sites about it, so your
friends know, and you feel more accountable. Hang out with people who are more
frugal or also trying to save. Their saving habits will rub off on you!
6. Maintain status quo. Even if you earn a raise, or come into
some unexpected money, don’t think of it as ‘extra money’ to spend. Put it all
into savings, and keep living the way you’re living now.
If you actively follow these tips, you should save up a down
payment for a Lexington home in no time! The most important thing to remember
is to save everywhere you can, deter yourself from purchases you don’t need,
and keep reminding yourself why you’re doing it.
When ready to buy a Lexington home, contact me, your
Lexington real estate agent! I am here and ready to help you through the home-buying
process with ease.
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