How to Save for a Down Payment

If you’re looking for apartments for sale in Chelsea NYC, you’ve no doubt come across the new development of Hudson Yards – a chic, sophisticated and elegant community that is sure to be the envy of other apartment dwellers. Whether you choose a new apartment, or buy an existing one, there is one thing you’ll need above all else – a down payment! These usually consist of at least 20% of the total purchase price, but the more the better! If you buy a new dwelling, you’ll need to present the developer with regular intervals of cash as set out in the purchase agreement.

So, just how do you save money for a down payment? Here are a few ideas:

  • Automate your savings: You can set up a separate savings account specifically for your down payment. You can have your bank transfer the money out of each paycheck. This can be a static amount or a percentage of your pay, whichever works better for you.

  • Consider bringing in a roomie: If you are currently renting and have the space, consider bringing in a roommate. Put that money directly into your special account.

  • Cut expenses: Start brown-bagging it to work, invest in a to-go mug instead of stopping at your favorite café and buy clothes that don’t need to be dry-cleaned!

  • Stash your windfalls: Did you get a tax refund? Christmas money from your grandmother? Stash it away in your account instead of buying that surround sound stereo system.

  • Consider moving back home: This isn’t for everyone, but if you really want to save some cash, move back with mom and dad. Chances are they won’t charge you rent, and if they do, it will be much less than you’re currently being charged.

Saving money to buy a home of your own is one of the most important things you can do to become successful in life.

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