Saving to buy a home can appear to be a big financial mountain when you’re first starting out. However, by staying focused on your goals and building over time, you can build up the savings you need to make a down payment even while you’re renting.

Define Your Parameters

Your first step will require setting a few parameters. You will need to decide:

• how much house you want to build
• what your maximum payment can be
• where you want to put down roots
• when you want to get rolling

Do you have a family, or are you planning to start one? You’re going to need more house if you’re planning on children, so be sure to study the floor plans and visit open houses of Greenville custom home builders so you can get an idea of your favorite layouts and home configurations, as well as your ideal neighborhood.

The more down payment you have, the lower your payments can be. However, if you can afford a 15-year mortgage, a slightly higher payment will be well worth considering. Look at the range of houses in your intended size range and look for chances to view new homes near me. There is nothing wrong with looking at houses before you have a down payment. This exercise of studying what custom home builders is able to do for you will help you decide what you must have and what you really don’t want.

It is true that location is key to truly enjoying any home. The home builders in Greenville SC can put your dream home in any number of neighborhoods; you just need to decide where you want to put down your roots. Simple conveniences, such as being close to church, work and good schools will matter a lot over time. Luckily, most new home construction is wisely being done in neighborhoods with decent access to highways as needed, but lower traffic can mean lower stress.

Timing is key on this. Study the construction timelines of home builders near me to make sure that your rental lease will not end before your new house is built. You might also talk to your landlord or rental manager about getting a month-to-month lease if you must so you can easily move into your new home without having to scramble.

Building Up the Cash

When reviewing the new construction homes near me and salivating over your dream home features, you will find that the goal to build your own house can become entertainment. Spend your Saturday afternoons wandering around furniture stores and home improvement stores. Watch all the design shows you want. Use this inspiration to create a physical vision board loaded with images of what you want most while you save.

To build up your down payment savings, you can attack the goal from several directions. You can

• earn more
• spend less on what you already buy
• cut out expenses that don’t serve you
• sell things you no longer need
• reduce your overhead

To earn more, you could take on a second job. If you have a car and a job, you could sign up to deliver groceries or restaurant meals. These side hustles often offer cash tips, which could go right into savings. If you make enough in tips over time, you can live on the tips and put your checks right into savings.

Spending less on what you already buy on food can include learning to cook instead of buying pre-packaged foods, using generic brands, and reducing your meat intake. There are six grams of protein in one egg, which can usually be purchased for about a dime. There are 24 grams of protein in one beef steak, which can easily cost $5.00 a pound. This does not mean you have to go vegetarian to buy a house, but it’s a good temporary change to make as you boost your savings. Of course, reduce your restaurant trips to special events and occasions.

To cut out expenses that do not serve you, consider reducing your clothing budget. If you need a work uniform, make the investment. However, try to hang onto the rest of your clothes until they wear out instead of getting something new because you are bored. Pair up current garments in different ways to get more life out of your existing wardrobe.

Selling things, you no longer need can help on two fronts. First off, you can raise some cash. Secondly, you can free up space. With fewer belongings, you can rent a smaller apartment. Experts suggest you take two years to save up so your house builders can get moving on your dream. If you can save even $100 on your rent, you’ll have an extra $2,400 for your down payment.

In addition to lowering your rent, consider refinancing your car. If your current payment is $300, look for a five year loan on the remaining balance and stretch out the payments. It may raise your total interest paid a bit over the life of the loan, but it can put more cash in your pocket now.

Where to Put the Money

The cost to build a house will be completely worth it but getting in the habit of saving can be a challenge. Consider setting up an online bank account that makes regular monthly deductions from the account where your check is deposited. Try to make these deductions enough that the down payment amount will be met in two years. For example, if your goal is to save $10,000, you can get there by saving $417 a month.

Once you have an online savings account set up, lose the password. Don’t check the balance if you feel it will send you on a spending spree. After a year, go ahead and reset your password so you can see your amazing saving skills!

Your custom home builders can make your vision a reality. Contact Enchanted Construction Service at (864) 895-0601 for information on model homes to start making your dream real.