08 Apr Introducing the Fastest Ways to Save for a Home
Buying a new home is one of the most expensive investments you’ll ever make. It’ll pay off in freedom and increasing value over time, but getting the money together in the first place is a source of frustration for many. Borrowing money isn’t the only option, and by being resourceful and creative, you can save a significant amount of cash quickly to put towards your home.
Whether you’re interested in purchasing a new home as soon as possible, or it’s a consideration for the future, we’re going introduce you to some of the fastest ways to save your money.
This one may seem like a no-brainer but you’d be surprised how difficult it is to do. The first thing you can do to start saving for your home is to spend less on what you’d typically buy.
This does not mean eating less and living beneath the poverty line. What it means is to look for alternatives. If you’re used to certain brands of foods, look for ones that are cheaper and put the difference between the two away as savings.
Don’t think you’re a hoarder if you can’t stand to get rid of your stuff. It’s hard for all of us to say goodbye to something we worked hard to pay for, but if you want to start saving money, you’re going to have to think about selling what you don’t need.
Luckily, this has gotten easier with the internet. Put out ads on craigslist, kijiji and ebay and watch the money come in. If you’re in a nice community, think about a garage sale. Every bit helps and you’d be surprised how much people are willing to pay for something you don’t need.
Secondary Revenue Streams
If you want to save faster, you’re going to have to double or even triple your sources of money.
This doesn’t mean working 80 hour weeks and sacrificing sleep. If you have an extra room, consider renting it out. Also consider your skills – can you do anything on the side for money? Plenty of people write, design and repair things on a freelance basis and make money that way.
Set It Aside
No matter what you do, make sure to set the money aside as fast as you can. Even if you don’t supplement your income somehow, make sure to put some of your paycheque in a savings account right away so you don’t accidentally spend it.
You’ve Saved Your Money. Now Where Do You Look for a New Home?
Saving for a new home is only first of many steps to owning a home. Once you have some money in the bank and you’re ready to start looking, you’ll need to choose whether you want to move into an older home, or if a brand new home is your cup of tea.
When it comes to new home builds, Previn Court Homes is best in class. With over 35 years of experience, we have built homes for over a thousand families, including detached, townhome, and unique attached single units, and we can help you find the perfect home for you. Contact us to let us know your desired number of bathrooms and bedrooms, as well as your budget, and we’ll send you priority updates and special offers on our beautiful new homes.