Tips to Save for a Real Estate Down Payment

Looking to purchase a new home, or possibly vacant land? Coming up with an initial down payment can be tough for some Delavan real estate buyers. This is why our Delavan Real Estate Attorney has put together some tips to help you save for a real estate down payment. Read these fantastic ideas below:
Delavan real estate down payment

Creative Ways to Save for a Delavan Real Estate Down Payment

1. Take money from your savings account. You save money for a reason, right? Why not use the money you have saved toward your new Delavan real estate investment?

2. Find ways to earn more money. You could find a 2nd job, whether permanent, seasonal, or temporary, to help you earn money toward your Delavan real estate down payment. Consider side work projects, such as mowing lawns, painting, tiling a floor, or weeding a flower bed. You would be surprised how many people need help with simple projects, such as these. Do you have a talent or hobby, such as crocheting or furniture making? Use your skills to sell items in order to earn extra cash.

3. Use government loan programs. There are many programs available to help home buyers lower their costs. Ask our Delavan real estate attorney how government loan programs could help you.

4. Cut your expenses. What expenses do you pay monthly that you could use toward your Delavan real estate down payment? Consider cutting your cable or cell phone. Forego eating lunch out at work and bring a sack lunch instead. Skip your Starbucks coffee or Friday night pizza routine. Cut back on groceries, eating simpler.

5. Borrow money from friends and family. Ask your friends, parents, aunts, uncles, cousins, or siblings to lend you money with the promise to pay it back. You may get the money interest free.

6. Pull from your investments. If you must, pulling the needed money from a 401K, CD, Federal Bond, or Stock may give you just the amount of cash you need. Depending on which type you pull from, you may pay an early withdrawal penalty, but it may be worth it to put you into your new home.

7. Have a relative gift you the money. If a friend or family member gifts you money, you don’t need to pay it back. If it is under a certain dollar mount, no one pays taxes on it. Ask our Delavan real estate attorney about gifts and taxes.

8. Use existing equity. If you are fortunate enough to have existing equity in another property, use the equity to come up with the down payment on your current investment.


Contact Our Delavan Real Estate Attorney

Whether you are purchasing your first home, second home, or vacant land, it is always smart to have an experienced Delavan real estate attorney on your side. The earlier you contact a Delavan real estate attorney during the real estate process, the more effective an attorney will be in guiding you through complicated real estate transactions. Do not delay. Contact our Delavan real estate attorney today. You can reach our Delavan real estate attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has real estate offices located in Delavan, Lake Geneva, Salem, and Muskego.
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*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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