6 Tips for Speeding Up Your First Rancho Cucamonga Home Purchase | DiNoto Realty Group
DiNoto Realty Group
909-921-2544 | http://www.DiNotoRealtyGroup.com
6 Tips for Speeding Up Your First
Rancho Cucamonga Home Purchase
For Rancho Cucamonga renters who are beginning to investigate
the possibility of buying a first home, the prospect can look like more than
just a steep hill to climb—it can look more like a cliff! Just last month, the Daily Real Estate News cited recent
research that indicates in most places (512 counties surveyed, in fact) it can take
the average family more than twelve years to save
up for a 20%
down payment. When you consider the significant financial advantage that a first
house brings its Ramcho Cucamonga owner, the situation
seems like a Catch-22. How can you save any faster when that big tax advantage
goes only to the existing homeowners?
If
a decade-plus wait sounds unreasonable, there’s a lot you can do to trim the
delay—
If
you take notes for a month or so about how you really spend your money, you
find that the little things really add up: morning coffee, daily lunches,
planned and unplanned shopping expeditions all put serious dents in your wallet.
Spot the expenditures, you can cut back on, then reduce or eliminate them as soon as possible.
2) (Less
Obvious) Create a ‘First House’ account
Create
a separate savings account with the single purpose of holding your first house
down payment. Watching it grow month by month will more than make up for the
inconveniences caused by scrimping on daily and other spending.
3) (Way Less Obvious) Pick up
extra work
You
may never have considered it, but sometimes moonlighting is a great way to add
additional income that quickly build your First House account. If you have a
hobby that lends itself to web sales, think of starting a store on sites like Etsy or Amazon.
4) Reduce your current bills
There
are those bills that you can't quite get rid of -- cell phone, credit cards and
other bills don't just go away because you're saving for a new Rancho Cucamonga house. For some bills, though, there are
options for slimming down your monthly payments. Try negotiating a lower APR or
reducing your phone or cable plan.
5)
Make (and stick to) a budget
Those
notes you made up there on 1) can be the raw material for making a detailed budget
that separates necessary expenditures from extras like gifts, trips and special
nights out. Find creative ways to entertain
yourself and get together with your friends. Hosting movie nights, finding free
concerts, and moving cocktail hour to home are all surprisingly doable.
6) Downsize
It
may seem counter intuitive: why would you decrease the size of your current
digs? If you can temporarily
scale back, the
lowered rent can materially boost your savings. If it’s at all practical,
living with relatives might move the process along even more quickly!
The
kind of scaling back that builds for a local first house down payment is a lot
more fun if you can see quick progress. And the possibility of qualifying for a
smaller than 20% down payment is also currently increasing.
If you are ready to start your Rancho Cucamonga, ( or surrounding area) home search, please check out out website and set up your FREE account to search
ACTIVE HOME INVENTORY! www.DiNotoRealtyGroup.com | 909-921-2544
We look forward to connecting with you soon,
DiNoto Realty Group
909-921-2544
www.DiNotoRealtyGroup.com
CalBRE#01804308
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