With Nashville residential rental prices at an all time high saving for a down payment can become a real challenge for potential homebuyers. Below are a couple of creative ways to help you save for a down payment and achieve home ownership faster than imagined.
Get a side hustle
Do you have a talent or skill that can be monetized? If you are crafty and can make things, websites like Etsy and Ebay make it simple to sell your products online. You may also consider getting a booth at a fair or farmer’s market with high foot traffic. If you can sing, juggle, or play an instrument put your skills to work. A little marketing may get you hired for an event. Even if you don’t have a special skill or talent, your extra time is valuable. Get part-time work as a nanny, personal assistance, or even delivery person. If you have a car, Lyft or Uber may also be good options to make extra money. Remember, this does not have to be permanent; you are working towards a goal and can decide to stop once it’s reached.
Sell your stuff
Carefully go through your closet, garage, and home. Compile all the items that you could potentially sell for extra cash and have a yard sale. You can sell everything from the clothes you rarely wear to extra tools and recreational equipment. You can also post larger items like furniture on craigslist. Think about selling that extra television set, your gaming system, or that four-wheeler. There are always extra things around the house that you can do without.
Saving for a down payment when so you already have limited income can be a downer, even more so when so much of that income is going towards rent. With a plan and some sacrifices you too can be a homeowner. Start by creating a budget. You will have to live frugally. Take a look at where you may be able to save or cut corners. Shop your insurance, cut your cable, and do without the lattes. Put everything you save in a high yielding savings account. Before you know it you will have saved enough and reached your down payment goal.
If you are interested in buying a home in 2017 or to learn more about real estate in Nashville, TN contact Gabriela Lira at 615-440-6327 or by email at email@example.com. Gabriela is a professional REALTOR® and a RE/MAX Masters agent. Each RE/MAX office is independently owned and operated.