Buying A Home Is Considered The Great American Dream

Category: Finance, Real Estate.

Buying a home is considered the great American dream.

Fortunately, real estate markets like El Centro are affordable, making it easier for residents to finally stop renting and own a home of their own. For some people, it s been a dream that seems to be just out of reach. Even with affordable prices, buying your first home can be a bit of a stretch. While savings can be a bit challenging, it s certainly possible if you take it one step at a time. Most people find the biggest hurdle is trying to save money for the down payment. First, open up a savings account and delegate it strictly as funds for your future down payment.

Sit down and calculate just how much you can afford to save from each pay check. Next, create a savings plan. Even if it s only a minimum amount at first- say$ 50- those savings add up quickly. Look carefully at your debts. Once you start saving, you may get excited about finding other ways to add to your account. This is the time to focus on paying down all of your bills, especially any high interest credit cards.

Transfer your debt to the low interest loans. Look for some low( or even 0% ) interest rates. Make sure that you use the low interest to pay off your loans, not increase your debt. Lots of employers have retirement plans that include matching funds from the employer. Take advantage of any work related investment plans. Some of these plans even allow you to borrow from the plan for home purchase without being charged a penalty.

You may be surprised by the amount of people that receive down payments from relatives. Do you have anyone willing to help you with a down payment? Family members are often willing to help you realize your dream, especially with down payments being so low with some of the government programs. Maybe you have some property that you could sell and put the proceeds into savings( an extra car, or camper, boat) . Are there any short- term changes that you can make to your lifestyle? Maybe you can take an extra job on weekends or evenings and save that income. Before long you ll be living in your own home, and your investment will grow.

While it s a bit of a challenge to save for a new home, it s well worth the effort. You ll be building wealth and financial security for your future- truly the great American dream.