Saving for a home can be a daunting goal. Here are some great tips from industry experts…
Are you a millennial thinking about settling down and buying your first home? Saving for the 20% down payment can be overwhelming – for many of us, it’s tough to know where to begin! To help ease the burden, Redfin’s Ryan Smith rounded up the financial experts to weigh in with their best tips for millennial home-buyers. From long-term investment strategies to day-to-day saving tips, whether you’re in Sacramento or Philadelphia, here are the responses they received including this one from HoyleCohen’s, Associate Wealth Advisor and Financial Planner, Brandon Bol.
“The first home you buy will not be your last (even though it may feel that way). Find a property that is within your budget(stick to it) and define the purpose this home will serve at this time in your life (starter home, expanding family, second home – step up). Even the best-laid plans can go astray because “life happens”. Ensure you have created an emergency savings fund (3 to 6 months of living expense) to protect your goal of saving for that first home. Leave the get rich quick strategies to your friends for accumulating enough money to buy your first home. Set up a realistic savings plan, stick to it, and see yourself steadily progress towards your goal of owning a home – all good things come in time (when done prudently). Sometimes we must take a step back (move home with our parents, live with 5 roommates, etc.) to take a meaningful leap forward. Don’t let that discourage you and keep in mind, most paths to one’s goals are not accomplished in a straight line.”
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