Everybody's situation is different. If you have some savings and are ready to start looking at homes, remember that you should determine how much you’re comfortable spending per month. To do this you may need to do a budget for where you are now and where you’ll be after you bought your house.
If you've just started saving, or haven't saved enough, there are a few things you can do. First, ask yourself the three questions listed below?
- Do I live pay check to pay check?
- At the end of the month have I saved anything?
- Are my credit cards and personal debt increasing?
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If you "yes" to these questions, there are three simple solutions:
- Make more Money
- Spend less Money
- Make More and Spend Less
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If making more money is going to take a while and you don't want to get a second job, the only other alternative is to spend less so you can save more. The first step to spending less is to evaluate where the money is going. The link below is a budget sheet to help you determine this.
To use this properly, document all you spend. Check your check book, bank statements and track your spending by getting receipts. Do this for a month or two. Once you know where the money is going, it's easier to make adjustments.
It may seem like a big sacrifice, but remember, real estate goes up in value over time, and personal items like cars, boats, clothes and toys tend to go down in value.
Last thing, once you know how much you need to live, put the rest in some type of savings account or investment fund. If you leave it in your checking account, it's easier to spend. Also, saving money, but maxing out your credit cards usually won’t help. |
If your plan is to move from one home to another, just putting your home on the market isn’t enough. Your home will need to be ready to show and you’ll need a strategy to accomplish the sale and purchase of another home in a reasonable time frame.
With 10 years selling homes in metro Salt Lake and 20 years in the real estate business, I have many strategies and an in depth understanding of what it takes to help you sell and buy another home. Call or email me if you’d like to take advantage of this opportunity!
Contact SLCHomeBuyer.com and Kevin Coyle
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