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    Tips for Saving Up for Your First Home

    The idea of making a down payment on a home can feel overwhelming, so it’s a good idea to develop a strong plan so you can make sure that you will follow through. Below, you can read our article and watch our video on exactly what you need to do to make that happen.

    1. Develop a price range that you want your home to fall in. Do research to see what kinds of features you need it to have, as well as what location you think you’ll be able to afford.

    2.  Think about how much money you make per month and how much you can save. This might mean cutting back on that daily Chickfila trip in the morning, or it might mean choosing to settle for a slightly smaller house than you’d like, but develop a certain amount of money that you’ll set aside no matter what.

    3. Actually put it aside. Choose a day where you will put that money aside every month no matter what. The actual method of setting it aside should depend on what you’re comfortable with. Whether that means opening a new account where you put all the money you’ve saved or whether you need to create a spreadsheet to keep track of the money, you need to have a method that helps you see the money that you have growing so you can be sure that you’re working toward your goal.

    4. Once it’s in savings, leave it there. Don’t let yourself take it out no matter what. If you give yourself permission to spend it on emergencies, then you make it normal savings money and not home savings money, and that makes you far less likely to reach your goal. Half of the battle of saving for a house is actually convincing yourself that you can afford it if you just stick to your schedule.

    5. Find a real estate agent that you really trust to help you get the best house for your money that you can afford. Don’t go with anyone sleazy or you might end up getting a less nice home than you have been saving for or you might end up paying too much for your dream home. If you find someone great, however, you can stick to your budget so you can start saving for other things like college or something else that’s important to you.

     

    These tips have been brought to you by Maria Sims Group, a company dedicated to making sure that you’re in the best home for you. If you have any questions about our company or would like to ask about a personalized list of homes that would fit your needs, please reach out. Our homepage can be found at mariasimsgroup.com or you can call us at 404-805-0673.

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