Niagara Real Estate Blog

Tips to save for a down payment to buy a home in Niagara

Posted by Terence Davids on Jul 27, 2017 1:38:15 PM
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The thought of saving for your first home can seem overwhelming. We've talked before about what costs are involved in a home sale, and it it's definitely no easy task to save 20 per cent to put a down payment on a home. However, there are ways that you can budget, and small savings will soon add up to big savings for your home.

We put together a list of cost saving tips to help you kick start your savings before you start looking at new home listings. By taking steps to make cost effective decisions in your every day life you'll be surprised how quickly you'll have increased your savings to go towards buying a home in Niagara.

Every day cost cutting

One way to kick start your savings before you begin looking for houses for sale is to eliminate simple, every day things that you spend on. For example: how frequently do you buy coffee on your way to work? Add up how much you spend on coffee in a month, and consider what you could save instead. Don't expect to save your entire down payment by skipping getting a coffee, however it can ease the burden of saving.

Other simple options include cancelling any subscriptions you have that you don't use (newspapers, magazines, etc), completing household tasks like cleaning or lawn maintenance yourself rather than outsourcing, and cutting back on the frequency that you order take out or go to a restaurant.

Save money with transportation

If possible, consider walking or bicycling to work rather than driving. While this isn't always possible for everyone, if you live close enough to work you can save yourself money while doing this - and get in some bonus exercise as well as you save to buy a home in Niagara.

If you can't walk or bike to work, ensure that you keep the tires on your car at a proper inflation. For every two PSI you can add to your tires you will find that you can improve your gas mileage by 1 per cent.

These changes might be small, and they must be part of a larger savings plan, but these incremental savings can add up over time. This will alleviate the burden of putting money away, so that you can find yourself less stressed before deciding to start looking for a new home.

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Topics: Buying A Home, First Time Home Buyer

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