Eyeing for a condo investment real soon? Use these innovative strategies to save for your condo down payment if you are presently renting or need a down payment on a condo property quickly.
If you’re ready to make the transition from renter to homeowner, you’ll almost certainly need to save for a down payment. A normal down payment on a property is between 3% and 20% of the buying price. While 56% of homebuyers with a mortgage put down less than 20%, accumulating enough money for a down payment remains a major issue for buyers across the country.
Here are a few alternative methods to save for a condo down payment:
Set aside some amount of money for savings
Placing a little money into a savings account each month may be an exceptionally efficient method to fund your down payment; with little strategy and patience.
It takes time to save for a down payment the old-fashioned way. Saving for several years may not be an option if you want to purchase a house quickly; especially because a down payment is typically a shifting goal. Home prices might fluctuate as the market changes; causing the minimum down payment needed to climb. Choosing a high-interest savings account is one strategy to make your money grow quicker.
Sell your unwanted belongings
Furthermore, it’s always a good time to do some spring cleaning, regardless of the season. Selling old clothes, furniture, or technology that you no longer use might help you bring in large sums of cash while also decluttering your home. There are a variety of internet services that can help you connect with possible customers, depending on what you’re selling. If selling online isn’t for you, you may always hold a garage or yard sale.
Lower your living expenses
Although it may be a difficult few months, downsizing your room and therefore your monthly rent payments may allow you to save more money each month for your down payment. If you can afford to move from a one-bedroom to a studio or from a home to a smaller apartment to save money you may discover that the savings pile up faster than you expect.
Moreover, another strategy to reduce your living expenses is to change who you live with. Having a roommate might help you lower your rent in half. Alternatively, if you have friends, parents, or other relatives who have an extra room, you may be able to pay little or no rent for a few months by staying with them.
Reduce your monthly expenditures to afford condo down payment
Do you really need the extra 60 channels that come with your cable package? Is it possible to reduce your internet speed? Do you have any subscriptions that you can do without? While these may not be ideal, you may have to make a few sacrifices in order to save for a down payment. Hence, reducing your recurrent monthly payments may help you save money faster. Just make sure you put that money away so it doesn’t sit in your account and appear to be money you can spend.
Make little lifestyle adjustments to cut expenses and save for a down payment
Going to happy hour after work or to the movies on the weekend are both enjoyable pastimes, but cutting back on extracurriculars is a simple way to save money. Instead of going to the movies, rent one or watch the one you already own. Thus, if you miss the social parts of going out, have a game night with pals.
Trying a spend-free weekend is one way to spend less money over the month. Try not to spend a single dollar for one weekend out of the month. You might be amazed at how much money you can save on a single weekend.
Ask monetary gifts instead
Aside from reducing your personal expenditure, you might try to fund your down payment using gifted funds. Many homebuyers have had success by asking friends and family for monetary donations toward their down payment; in lieu of wedding gifts, birthday gifts, or other gifts. In 2020, 40% of mortgage purchasers utilized gifts or loans from family members to fund a portion of their down payment.
Include a second source of income to save your money for a condo downpayment
If you’re prepared to put in a little extra effort on weekends or after your normal day job, having a side gig might help you earn more money. You might attempt dog walking, waitressing, home sitting, or selling handmade goods on the internet.
Save up for your condo down payment in Bacolod
Looking for an affordable condo in Bacolod? Explore life in Bacolod with Camella Manors.
Camella Manors Bacolod is the first project of Camella Manors in the Visayas to become part of Vista Land’s communicity.
Camella Manors is Vista Land’s newest mid-rise condominium brand located in the regions and nearby provinces of Metro Manila. It promotes all-in lifestyle needs and resort-themed amenities that will cater to young professionals, starting families, investors, and Overseas Filipino Workers (OFWs).
Camella Manors Bacolod, a midrise condominium development, brings you the experience of a condo-resort community as it pioneers a new level of hassle-free urban living amid a booming economy. The condo will start opening its units in Buildings 1 and 2 this 2021 for occupancy. Camella Manors Bacolod is a 1.1-hectare mid-rise condominium with a total of 4 buildings.
Located along Cordova-Buri Road, Mandalagan, this affordable condo in Bacolod will give investors the best deal for its money with many amenities which include a swimming pool, kiddie pool, fitness gym, clubhouse, playground, and commercial strips. There is also 24/7 security to ensure the safety of everybody. Animal lovers will be delighted to know that it is a pet-friendly community.
Camella Manors Bacolod offers the perfect synergy of comfort and luxury.
It is strategically located near malls, hospitals, schools, tourist attractions, and business districts. It is located 15 minutes away from the Bacolod- Silay International Airport.
Investors in the first and second building can finally enjoy their new home by the second quarter of the year. Each building, Ibiza and Majorca, are both 7-story high. A studio and a 1-bedroom unit measure 30.36 sq. m. The pre-selling of condo units of the third building, Capri, will open soon with units measuring 23.76 sq. m.
Preselling of units is ongoing. To know more about Camella Manors Bacolod, click here. Reservations can also be done conveniently and hassle-free through our easy-to-use online payment facilities.