If you
are planning on buying
your first home in Boston, MA you will need a down payment.
Generally to get the best rate you will need approximately 20 percent
to put down towards your new Boston
home. Wondering how you will build up that savings? Feeling a bit
overwhelmed? Read on...
The
biggest change you can make toward your savings is to downsize where
you are living now. Whether that is a smaller/cheaper rental or
moving in with family for a set period of time, either will allow
significant monthly savings which can then be applied towards your
savings. If possible sell your car and use the MBTA
instead. Neither of these are desirable changes, but, they will give
you the biggest boost in savings each month.
Budgeting
is another tried and true method of saving money. Write out all of
your monthly expenses or use an online program like Mint
to help you plan an appropriate budget. Scale back on all of the
unnecessary items and make monthly payments to your savings instead.
Skip luxuries like gourmet coffee and cable and look for cheaper
alternatives. These seem like small steps but they add up in the end
to big savings.
Make
sure to keep your down payment in a separate account, preferably not
linked to your regular account, this will keep you from dipping into
that savings. Low risk investments like a CD or a high-yield savings
account are good options as long as you are able to get to the money
in time for when you will purchase.
When
you are ready to purchase your Boston
home, look to an experienced Boston
real estate agent. I'm
committed to providing you with the highest quality buyer service.
When making the type of investment that buying a home requires, you
deserve to have all the latest market information and the very best
advice, both of which I can provide you with. I
am always here should you have a question on a Boston,
MA neighborhood such as South
End, Fenway,
Beacon
Hill, or any other. I thoroughly enjoy getting prospective
residents familiar with new neighborhoods and exposing them to the
best of everything Boston has to offer. I hope to speak with you
soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
Connect
with me:
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