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How to Save For a Down Payment For Lakewood Homes For Sale


March 15, 2017

If you’re interested in buying a new home in the near future, you have to be financially ready to make a down payment. Even though you may be months away from buying a home, it’s important to start saving now so you have enough to make a down payment when the time comes. Saving for a down payment can be a tall task, but if you follow these tips, you’ll have enough to buy one of the many Lakewood homes for sale in no time:

Put your tax refund aside.

If you’re going to get a tax refund this year, instead of taking a vacation or splurging on something nice for yourself, put it right in your savings account. It will be tempting to spend this when the check comes in, but fight the urge. Set it up so it is deposited directly into your savings account so you never get the chance to touch it.

Cut back on cable.

Call your cable provider and find out if there is a way to cut back on the amount you spend on cable every month. How many channels do you currently have? It’s possible that you have hundreds of channels that you never watch, so why pay for all of these? You’d be surprised how much you can save by cutting back on cable, so this is a great way to put some money aside for your down payment.

Save your change.

Instead of letting those pennies, nickels, and dimes fall to the bottom of your purse, collect them in a jar and convert them to cash once you have a significant amount. What if you don’t ever use cash? If you don’t carry cash, take a look at your checking account at the end of each day and round up the total amount of your purchases to the nearest dollar. For example, if you spent $11.36 one day, then round up to $12.00 and transfer $0.64 into your savings account. Every penny counts when it comes to saving for your down payment, and this is an easy way to get started.

Try to do your own repairs.

It can be tough to save money when something suddenly breaks or falls apart in your home. Repairs can be expensive, and can often drain your entire savings, so why not try to fix it on your own? The next time something goes wrong, try to visit a hardware store and talk to the professionals about how you can do it on your own before hiring a handyman to help. There are also a lot of valuable resources online that will walk you through simple home repairs step-by-step. This may be intimidating if you’re not very handy, but you’ll probably find that many projects are not as difficult as they may seem.  

After following all of these tips, are you finally ready to make a down payment on a home? Talk to the professionals! Our agents can help you find the home of your dreams within your budget. Contact us at 720-220-2059 to talk to the experienced agents at Colorado Home Sales.