Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
First Time Home Buyer
DH and I are wanting to buy our first home like NOW. We have been renting our apartment now for like 2 years now and im starting to get a feeling like we are really cramped with he and i and our two large dogs in our one bedroom apartment.
We have really good credit but it feels like its impossible to save up for a down payment. It feels like a losing battle and i just want to give up. How much did you save & how much was your loan for? Any tips.. ANYTHING please.
Re: First Time Home Buyer
We had a 5% dp. We saved as much as we possibly could for as long as we could.
As for advice for you though just save as much as you can, and see where that takes you.
As for our loan it is for the remaining 95% of our home costs.
We just bought our first home. We ended up only putting 3.5% down (FHA loan). We had about 12% saved up for the DP, but decided to do a bunch of renovations right away and use the cash for that instead.
As for how to save, my only advice is to set up automatic directing for your paychecks if you have direct deposit. I have a certain amount out of both of our paychecks go straight into our savings account, and a certain percentage into retirement, so that much is completely automatic and I don't even think about it / miss it.
I also have our savings account at a credit union, whereas our checking account is at a local bank. Having them at separate places makes it a lot harder to ever just "dip into savings" if our checking account is running low one month.
My advice: move to a larger apartment, or rent a house if that will allow you to rent and save longer. If you don't have anything saved yet, you might have to rent for a while, so make sure you live someplace that you can tolerate without being bitter. Save until you can afford to buy a home you will live in long term, not a "first" home.
We put $0 on our first house, and we're paying for it now. We're bringing a large sum of money to closing to sell it.
We're putting 10% down on the new house. Unlike the first house, we have no plans to move from this house. Ever.
You can post your budget on the Money Matters board to get feedback on how you can free up money in your budget for a down payment. If you don't have a written budget, start there. Cut any expenses you can. Save every penny you can, and make downpayment savings a line item in your budget.
H and I were in a very expensive one bedroom (850 sq feet) and feeling very cramped. It was in a rental community and we found that by going on CL or on the MLS that there were owners of condos and townhouses that had larger places for less money per month. We went from paying $1650 for a teeny one bedroom to paying $1450 for two beds, two baths plus an upstairs loft (1122 sq feet). We could live here for a few more years if we wanted/needed to.
We live in the northeast in a very HCOL area. We're putting 10% down on our new house and it's big enough that we can live in it forever. Most kids up here live with their parents for awhile after college to save money. That's what H did and honestly, it's the only reason that we don't have to wait until our mid-30s to buy a house.
As far as ways to save money:
- Take a look at the money you have to spend (rent, electric, food) and see if there are any cuts that can be made.
- Then look at discretionary spending and try to cut 50% (cell phones, cable and internet, entertainment, etc).
Things H and I do to save money:
- buy groupons to restaurants we like to avoid paying full price
- surf sites like dealnews.com to save on big purchases or find deals on necessities like toilet paper and clothing
- when times were tough, I registered on care.com and other babysitting sites to get babysitting jobs. It was usually an extra $100 or so per week.
You NEED to have your finances in order prior to buying a house!! I recommend spending time on the Money Matters board - post your budget and they will give advice on where you can cut back and tips for saving more.
Limit your housing costs when you buy to 25-28% of your TAKEHOME pay (mortgage+PMI+insurance+taxes+utilities). THen have an emergency fund of 6 months' expenses (stuff happens when you have a house, if you get sick, lose a job etc). You also need moving costs, start up costs, repair/renovation costs/yard items, tools, decorating/furniture/applliances. Do NOT put those on credit cards!
If you do not have a budget - start by tracking your spending for the next month or two---EVERY dollar. Then categorize the items -- and examine where you can cut back.
Pay off any credit card debt - or at least pay it down to no more than 15-20% of allowable limits (best to get rid of it though).
To help get to your goal of home ownership - have you considered taking on second PT jobs? Selling stuff you no longer need?
Common things to cut/reduce ----eating out, cable, cell phone plans. Selling expensive vehicles and buying used economincal cars, clothing, entertainment.
Owning a home is so much more than a mortgage.
While we did start saving for our down payment before the wedding, I won't deny that the wedding money added up nicely for those purposes. We are currently planning to put about 7% down. I was thinking about making it 10%, but we really need some furniture, so I think we may take that extra money and use it for that instead.
I also had a requirement that we have a certain amount in savings (separate from the down payment) before getting a house. Houses have many more expenses beyond mortgages, plus life happens, and it is a good idea to have savings in case. For example, what happens if your car breaks down right after you pay all your cash towards the down payment?
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