Who isn’t thinking about buying a home?
With so many Americans building their dream homes and others renting and wondering if it is still worth it, one of the big talking points for the housing market is how long will it take for prices to turn around.
But what if we told you that you could simultaneously save money and kickstart the economy?
Imagine living out your retirement in your very own home that you never had to leave to maintain.
We’ve compiled 10 hacks that will help you successfully buy a home by 2021.
1) Spend less on gas
Commuting in the United States is a full contact sport. One of the best ways to save money on your purchase is by spending less money on gas.
2) Invest in your area
Nearly half of Americans say they want to relocate in the next few years. If you want to up the chance that your pocket book still has some money in it after 2021, look at smaller towns nearby.
3) Price is relative
No need to panic if you are not earning the high salary that brings the big bucks. The “Rent or Own?” debate leaves out some crucial factors namely…How much do you need to spend every month? Pay this amount and then check the projected savings.
4) Support local businesses
It’s no secret that supporting your local businesses is not only good for the community, it is good for the world. And by buying a second home, you end up being a major contributor to the success of your own town.
5) Uncle Sam is a friend
One of the perks (or passive income) of owning your own home is the financial benefits. Some new homes are adding tax codes in the purchase agreement.
6) Beef up your credit score
Nearly two-thirds of cash buyers can’t finance their purchase with a mortgage. If you buy a second home, the equity in a house can be an added asset to boost up your score.
7) Knock it down
The 50’s were very pinnacle time in historic preservation, but now may be the time to take advantage of homeowners who may be looking to downsize their homes.
8) Leasing is not just for cars
The stereotype of people loathing monthly payments is really more of a cultural norm. People who lease a home have been found to be happier and more satisfied with their situation depending on the specific location.
9) Skip the mortgage
Even if you can get a mortgage, it may be less expensive to self-fund. When comparing loans, make sure to factor in the inevitable increase in mortgage rates when calculating your monthly payments.
10) Buy a home, fix a home
The average Millennial is more likely to welcome home ownership over renting or leasing. One opportunity is for first-time home buyers looking for a smaller property with a modest monthly payment.
In 10 tips planning a home purchase?
- Spend less on gas
- Invest in your area
- Price is relative
- Support local business
- Uncle Sam is a friend
- Beef up your credit score
- Knock it down
- Leasing is not just for cars
- Skip the mortgage
- Buy a home, fix a home