Historic Downtown, New Jersey
381 Monmouth Street
Jersey City, NJ 07302
201-380-4200

Real Estate Agency Shares 3 Tips for Saving for a Down Payment June 19, 2018

Historic Downtown, Jersey City
Real Estate Agency Shares 3 Tips for Saving for a Down Payment, Jersey City, New Jersey

Deciding to buy a home depends on more than just your career and readiness to commit. You must also have a down payment saved to qualify for a larger loan and lower interest rates. If you’re struggling to set aside funds, the team at EXIT Realty Urban Living, the premier real estate agency in Jersey City, NJ, shares some tips to help you achieve homeownership.

How to Save for a Down Payment

1. Create a Budget & Timeline

The first step is to determine an ideal price range for a home, so you can calculate how much you need to save. The down payment should be roughly 20% of the asking price of a house, and it’s smart to set aside extra to account for closing costs. Once you have a number, design a monthly budget and timeline.

2. Open Up a Special Savings Account

real estate agencyIt can be difficult to raise money when you keep all the funds in one place. Open a special savings account and schedule a specific amount to be transferred there every month from your main account. Doing so will make you less likely to dip into those reserves when you need cash.

3. Reduce Monthly Expenses

Buying a home is a major financial investment, which means you may need to start cutting unnecessary expenses. Look for ways to save money, whether it’s lowering the utility bills or cooking some nights instead of going to a restaurant. Over time, these habits will add up and help you reach your goals in a shorter time span.

Once you have a down payment saved up, the next step is to hire an experienced real estate agency who can help land the home of your dreams. If you’re located in Hudson County or the surrounding areas, turn to the seasoned team at EXIT Realty Urban Living. They have the industry tools and knowledge to guide you through every step of the selling and buying process. Give the real estate agency a call today at (201) 380-4200 to schedule a consultation or visit the website to browse their current listings. 

Other Announcements, Events and Deals from Exit Realty Urban Living
A Brief Guide to Home & Apartment Leases, Jersey City, New Jersey
Once you’ve found the perfect place to move into after browsing numerous homes and apartments for rent, the next step is signing a lease. The legally binding document between yoursel...read more
How to Best Prepare a Property for Sale Before Listing, Jersey City, New Jersey
Selling a home is never as simple as putting up a sign in the front yard and posting it online. There’s a lot of preparation that must be done before you even list the property for s...read more
5 Steps to Take After Finding the Right Home , Jersey City, New Jersey
You've researched the market, saved up for a down payment, and now you've found the perfect home, so what comes next? According to the professionals at EXIT Realty Urban Living in Je...read more
What Happens if a Property For Sale Fails the Inspection?, Jersey City, New Jersey
Whether you are the buyer or seller, the home inspection is a vital part of the purchase process and negotiations. Both parties have reason to be concerned if the inspection doe...read more