Raising Downpayment Funds

Hey there, future homeowners! Welcome to today’s episode, where we’re diving into the art of fundraising for that down payment. If you’re new to the channel hit like or subscribe! Now, I’m Joe, your friendly probate real estate agent, and today, we’re turning dreams into reality. Let’s roll!

First up, let’s talk savings. It’s like planting seeds for your dream home garden. Here are a couple of tips to help your money GROW! Consistency is key! Remember, a dollar saved is a dollar closer to your new front door and the more often you save, the quicker you get to your destination. While you are at it, look around and see who is offering the best rate at the moment. Some online banks or credit unions may be able to provide you with an interest rate that is higher than your local bank.

Another tip is to try to make saving fun! Make a game out of saving money. You can think of it as your personal piggy bank – and no, it’s not just for kids. But hey, if you have a funky piggy bank, it might make the process a little more fun. Give yourself some goals and benchmarks and challenge yourself to see how quickly you can hit your mark!

Now, let’s dip our toes into investment accounts. Let’s assume you have already put together a savings account so now you are putting your money to work for you, rather than having it all just sit there. Stocks, bonds, mutual funds – these aren’t just fancy terms. They’re your allies in the quest for that down payment. And if you are using an investment account then take advantage of the knowledge and skill of investment advisors to help make that money grow.

Now, it might sound counterintuitive, but borrowing from your future self to secure your present self may be an option for you! It’s totally a thing and one of the easiest ways to get that down payment cash you yearn for. Just ensure you understand the rules of engagement. Consult your financial advisor, the Gandalf of your retirement journey, and your accountant to be sure you can tap into this account.

Another way to raise money to purchase a home is from family gifts, the unsung heroes. Sometimes, your loved ones become the secret weapon in your homeownership arsenal. It’s like having a superhero team-up. Grandma, Mom and Dad, Your Uncle Bob, or that cousin with a heart of gold – they might just be waiting for the signal to swoop in and save the day.

Still looking for a way to have more cash on hand? Take a moment to see if you suffer from the dreaded cash suck. We’ve all been there – the black hole where our money mysteriously disappears. Time for a reality check! How do you do this? For the next 30 days record EVERY penny you spend. Do this religiously and DON’T review your entries until the 31st day. Invest the time to record the the date of your purchase, the time, the place, the items, what you were doing before you made the purchase and while you are at it, put down your feelings! YES! Get as much down as possible because these details will offer a LOT of insight when you go back to review your notes.

While you are investing the time to raise the money for your down payment review those bank statements, credit card statements, and saving account statements. Identify the leaks and patch them up. Leaks like gym memberships or online subscriptions that you don’t use. Leaks like low interest rate savings accounts when you have better options elsewhere. Leaks like high APRs on your credit cards when you deserve better. Your dream home deserves a leak-free foundation.

Some people choose to use side hustles – your financial wingman – to raise the money for a down payment. Whether it’s walking dogs, freelancing, or selling those handmade crafts on Etsy, turn your passion into profit. Just make sure you can account for that income when the bank asks you how you made your money. Hustle hard, but also, don’t forget to enjoy the journey. Your dream home is waiting at the finish line.

Last but not least, let’s explore housing assistance programs. Sometimes, a helping hand is all you need. It’s like finding the golden ticket to your dream home.Research local programs, grants, and subsidies. You might be surprised at what’s available to turn your dream into a reality.

And there you have it, folks – a quick guide to raising funds for that down payment. Remember, it’s a journey, not a sprint. Stay determined, stay focused, and soon you’ll be unlocking the door to your dream home. Don’t forget to hit the like button or subscribe for upcoming videos and feel free to share this with someone you think could benefit from this video. This is Joe, signing off. Happy house hunting!

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