Im 20 and figured it would be good to begin saving for a house. My Unrealistic goal is to save a grand total of upto 300k. My parents would probably pay about 30k and my grandparents would probably give me the same. That aside I was wondering what kinds of things I should look for in buying a house and any budgeting tips that could help. I already have a bank account that I deposit half of my already miniscule paychecks into devoted specifically to this cause. Thanks for any + all help!
2007-10-02 15:39:21 · 4 answers · asked by reptileguy56 2 in Business & Finance ➔ Renting & Real Estate
It is unrealistic of you to expect your parents or your grandparents to help you buy a house. Don't count on that help.
Do you rent today or live with your parents? Are you going to rent at some point or will you live with your parents until you can buy a house (that might make them pony up the $30k, right :-)
If you aren't already, you should be going to college. This will help you increase your income potential making your dreams of homeownership more probable and plausible. Get educated in something you like and then go get that higher paying job!
2007-10-03 03:13:42 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
open an ING Direct account and set money aside with each pay check the interest rate is better with the ORANGE Savings or CD accounts and there are no fees and they are FDIC insured. Good luck! be sure to save enough for 20% down and stay below Jumbo loans.
2007-10-02 16:53:44 · answer #2 · answered by ARIZONA.girl 1 · 0⤊ 0⤋
you want to save 300k!!!!!. thats a lot or do you want to buy a house for 300k..either way save 20% of however much house you want to purchase for down payment. thats what im doing now. so for 300k house dp would be about 60,000 also save money for closing costs. i think they range from 3-5% of the price of the house..good luck
while your saving try to put your money into a high interest account. i know ing has pretty good rates. you should check them out. ingdirect.com
most checking accounts offer little if any interest
2007-10-02 15:43:46 · answer #3 · answered by nikkylyn 5 · 0⤊ 0⤋
Well, one viable suggestion is to let your savings do some work for you as well as get a tax break.
Consider a TIC.. you and someone else buy something you BOTH can afford together.. set a buyout timetable and then you are started on your quest for home ownership with only a 50% comittment.
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2007-10-02 15:48:33 · answer #4 · answered by ca_surveyor 7 · 0⤊ 0⤋