What's the best way to save for a new home?

I want to begin saving for a new home, what’s some tips and advice.

maude

in How To 9 years and 4 months ago

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romanshpek85 | 9 years and 4 months ago

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You can check some home buying authority option & FHA loan options. I bought my new home in Nevada. They provide low down payment & mortgage options also.

honeycut | 9 years and 4 months ago

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You can receiving counseling, education and attend seminars through Neighborhood Housing Services of East Flatbush, servicing residents all over Brooklyn. http://www.nhsofeastflatbush.org/ In fact, they have an upcoming Fast Track Homebuyer Education Seminar on 1/6\. http://www.nhsnyc.org/index.php?option=com_jem&view=event&id=2034:fast-track-homebuyer-education-course&Itemid=102&lang=en

cate | 9 years and 4 months ago

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There is an old rule of thumb: You can afford to buy a place that is approximately two times your yearly income. Save as much as you can; you don’t necessarily need a 20 percent down payment, you might be able to get away with less, but you will need closing costs and maintenance in the bank also. If you are not an investment banker, you might have to start with an apartment. In an up market, you can sell after a few years and use the increase in value to buy a larger apartment or (hopefully) a house. Rental income is icing on the cake, too — if there are rentals in the house, you can afford a higher price. Some people manage to save up huge sums quickly by living rent free for a while — by moving in with their parents, for example. Others pool their money — with relatives, for example. To hedge against market fluctuations, it’s a good idea not to buy any place where you don’t plan to stay at least five years.

thetinkerswagon | 9 years and 4 months ago

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now that someone else said it, i will. move to an inexpensive area. we did it – we lived in Sunnyside Gardens before anyone here knew the area existed. also, be good to landlords so they think twice about raising the rent. I went a step further because I have the skills; I helped out. in the end, the 80 year old woman two doors down “stole” us from our landlord for a rent 300/mo cheaper than we were paying only because she saw me shoveling his walk every winter (for free). to boot, she paid me the going rate for work on her house and when we went to leave (because we bought a house), she gave us our last month’s rent. See if you can find an arrangement where someone needs a hand. ours was totally voluntary and both the landlord and I knew we were each benefiting so we did not want it to end – but if I was not feeling well one day or thought that what she was asking was real work, I could back out or negotiate. I was not a “super” where I had to do it. if you do not have the skills I have, maybe you can help someone with shopping or shoveling the walk or taking the trash out. and to find someone like that – you will remember it forever. Steve

resident2 | 9 years and 4 months ago

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A few years ago, one of my tenants started working with Kathryn Lilly ( a R.E Broker) she made a lot of what at the time, to these tenants sounded a strange way to going about buying a Brownstone, but they got to buying a Brownstone within about five years, since then several of my tenants have all been able to buy a home. She stresses that each buyer is different and what works for one is not comfortable for all but she has helped many find a way an a plan. Google her name, I am not sure which company she is with now.

wonderchimp5 | 9 years and 4 months ago

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For my wife and I, we moved to a less expensive neighborhood as renters. It was tough giving up the amenities of the neighborhood we were living in, but it dramatically increased how much we could save every month. After about 2 years, we had enough for a down payment.

erfurt | 9 years and 4 months ago

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  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Definitely a lot of variables at play here, but generally I would recommend very detailed personal budgeting combined with the commitment to set aside your savings from your disposable income. Depending on your timeline, you may also want to consider other forms of investment, i.e. having your money not just sit in a low yield bank savings account. Totally basic stuff here. Maybe at some point speak with a financial advisor to come up with a plan.