Saving up money for a down payment on your first new home can take time. That’s why it’s a great idea to put a savings plan in place – from the moment you begin thinking about owning a new home of your own. This article from U.S. News highlights some important steps to take.
People 34 and younger are the largest group of homebuyers, according to a recent National Association of Realtors.
“The No. 1 reason they want to buy is just to own a home of their own,” says Jessica Lautz, director of survey research and communications at the National Association of Realtors. “Among first-time buyers, 28% save for six months or less, while 13% save for more than five years,” Lautz says.
The typical down payment for a home is generally 20%, but there are a variety of programs that can open the door to homeownership with as little as 3% or even no money down.
Also, start saving by setting up a special savings account and automatically transferring a set amount into it each month. Deposit any bonuses or gifts into this account as well.
