NOVA Homes Blog: Buying a House in Northern Virginia: How to Save for a Down Payment

Tuesday, February 3, 2015

Buying a House in Northern Virginia: How to Save for a Down Payment

With rising rents expected to surpass home values this year, Northern Virginia residents may be feeling that push to buy a home. You may have already started visiting open houses in the area, tracking mortgage rates and making a homebuyer wish list, but what about the down payment?

The down payment is a crucial part of the homebuying process, but not one that should discourage NoVa buyers. If you're stressing about saving for your new home, consider the following ways to start putting cash away now— it's easier than you think!

Cut back on big purchases and expenses
One way to start saving for your next Northern Virginia home is to cut back on large expenses— your morning coffee run, for instance. While it may seem small, buying a daily coffee can add up to hundreds of dollars a month that may be better put in a down payment savings account.

If your current renting expense is claiming over 30 percent of your take-home pay, consider down-sizing or moving to a less pricey location for the time being.

Auto-save your money
With each paycheck, you can ask for a portion to be automatically deposited into a down payment savings account. Choose a small amount to start— something like two percent is barely noticeable but can have a huge payoff in the long run.

Save that tax refund
It's tax season and this year, the average refund is expected to rise. It's tempting for Northern Virginia residents to put that money toward a big purchase, but why not deposit your refund into your down payment savings account? You may not come across a sum of money like this for a while and you will thank yourself later when you're able to purchase a home in Arlington, Alexandria, Fairfax, Reston or Springfield!

Start the new year off as a homeowner instead of a renter! I am here to help you make your dream of a new home in Northern Virginia a reality— just give me a call!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

Long & Foster Real Estate, Inc.
Visit Our Website
View Northern Virginia Homes for Sale
Become Our Facebook Fan
Follow Us On Twitter
Connect With Us On LinkedIn

No comments:

Post a Comment

..........................................

When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
View My Complete Profile

......................................

Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
Earle has assembled some helpful resources to help you with finding your new home. From her comprehensive list of Local Links, her Home Style Guide, or hands on personal help, described below, you know you can count on Earle.