Are you in the market for a new home? If so, you’re probably starting to save up for a down payment. While saving for a home is definitely important, there are a few things you shouldn’t forget when doing so.
Here is a look at three of the most important things to remember when saving for a new home.

Woman hand putting the coin in to wooden house piggy bank financial metaphor saving money for buy home concept on wooden table and wood background

Moving Expenses

One thing that many people forget when they are saving for a home is the moving expenses. This can easily add up to be a couple of thousand dollars depending on the distance you are moving and the amount of stuff you have. If you are not careful, this can put a real dent in your savings. There are a few things you can do to help offset the cost of moving. 

You can start by downsizing your possessions and getting rid of anything you don’t really need. You can also see if there are any friends or family who can help you with the move. And finally, be sure to get multiple quotes from different moving companies so that you can find the best deal possible. By taking these steps, you can help minimize the impact of moving expenses on your home-buying budget.

Commissions

If you’re thinking about buying a home, saving for a down payment is likely at the top of your mind. But as you’re stashing away money for that all-important deposit, don’t forget about commissions. Real estate agents typically charge 6% of the home price. The good news is that there are ways to reduce the amount you pay in commissions. 

For example, some real estate agents offer a discounted rate if you’re also selling a home through them. Or, you could work with a buyer’s agent who represents your interests and doesn’t receive a commission from the sale. Whatever route you choose, remember to factor in commissions when saving for your dream home.

Furnishing Your New Home

The final important aspect of saving for a home that is often forgotten is furnishing your new home. While it may be tempting to put all of your money towards the down payment and mortgage, it is important to set aside some funds to buy furniture, appliances, and other necessary household items. By planning ahead and budgeting for these items, you can avoid going into debt or being forced to choose between furnishings and your mortgage. In addition, taking the time to save up for quality furniture and appliances will help you create a comfortable and inviting home that will be a joy to come back to at the end of a long day.

Overall, saving for a home can be a challenge. There are a lot of things to remember and budget for. But by being mindful of moving expenses, commissions, and furnishing your new home, you can help make the process a little bit easier. 

By taking these factors into consideration, you can help ensure that your saving plan gets you to your goal of a new home.

Did you enjoy reading this article? Here’s more to read. WHAT RETIREES SHOULD THINK ABOUT WHEN BUYING A HOME

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