Shopping or saving for your dream home is an exciting time! Don’t let your finances overwhelm you; ask yourself these three questions and be prepared…
1. What is your home-buying budget or ideal purchase price?
2. How much should I put towards a down payment?
3. What other home-related costs should I save for? Maintenance, closing costs, etc.?
What to consider?
Before making any large purchase, you will want to do extensive research. Your home should be the right fit for you and your family. What should you consider?
- New Build or Previously Owned Home
- Size (bedrooms, bathrooms, square footage, etc.)
- School Districts
- Single Family, Multi-Family, Mid/Hi-Rise, Acreage, etc.
Amount of savings I can afford for down payment?
Knowing how much you can set aside each month, week, or day can help you reach your savings goals not only for a down payment but other home-related costs as well.
Budgeting: One way to know how much you can potentially save towards a home is by budgeting. Budgeting allows you to break down your finances into different categories to see where your money is going. This will show you where and how much you can save to achieve your goals. Try out the Budgeting and Savings Goals tools in online banking today!