When it comes to buying a home, it is essential to tackle one thing well ahead of time: the down payment. Long before you start your search, you need to save. Here is how:
Set a goal. Even a modest down payment can be more than many first-time buyers have ever saved. The median down payment is about 7 percent. For example, with $200,000, that comes to $14,000. Saved in a year, that comes to $1,167 each month. This is why it takes several years for most people to save for a down payment.
Track your progress. Once you set your goal and timeframe, post it on a chart where you track your progress. Check regularly to see how you’re doing. Don’t forget to pat yourself on the back for progress, but also note how much you have left and prod yourself to keep it up — and maybe dig a little deeper.
Remember inflation. It is absolutely necessary to plan for inflation. The house that costs $200,000 today may not cost that much in a year or two.
But how should you go about saving for your dream of homeownership? Consider these suggestions:
- Set up a space to put your savings where it’s not in the mix of your regular spending money.
- Cut back on frequent small luxuries like coffee-shop drinks because every bit helps. Further, make sure that the amount you saved goes toward your down payment. For example, if you cut a daily $5 coffee expense, at the end of each week transfer $35 to your savings account.
- Analyze your spending. Do you need a new $80 pair of jeans? Or will a $30 pair meet your needs? After deciding, transfer the difference to your savings account.
- Make your savings automatic by setting up an automatic payday transfer. After all, if it’s out of sight, it’s out of mind.
- Use a cash rewards credit card, then transfer the cash value of those points to savings. However, beware of the temptation to justify more spending since you will be earning points.
- Save any windfalls. If you receive a tax refund or a bonus at work, save it.
- Consider getting a second job such as babysitting, dog walking, yard work or take a part-time job on the weekends. Anything to help you meet your goal of homeownership.
Start Planning for the Southern Home and Garden Show
The professionals who can help you find your dream home or remodel your current home will be exhibiting at the Southern Home and Garden Show March 1-3 at the Greenville Convention Center. Make plans to attend now by visiting www.SouthernHomeandGardenShow.com.
The month of August typically involves summer vacations, barbecues and pool parties. This year, it’s also when registration opens for the National Association of Home Builders International Builders’ Show.
Incredible savings are available to National Association of Home Builders members who register in August to attend the 2017 Show, which will take place in Orlando January 10-12, 2017.
The industry’s premier event is the best opportunity for members to see the latest building products, gain expertise and meet key business partners.
Here’s the deal for August registrants:
- A free International Builders’ Show expo pass. Your ticket to explore the products of 1,400+ top manufacturers and suppliers on the building industry’s largest exhibit floor.
- Pay $275 for International Builders’ Show full registration. The expo pass plus more than 120 International Builders’ Show education sessions covering eight industry tracks.
- FREE spouse registration. This deal includes the same show access as the primary registrant.
Mark your calendars, set your alarms and be ready to press that registration button. These exclusive deals are only offered in the month of August.
As a Home Builders Association member, you can now receive substantial savings from one of the nation’s top consumer electronics companies. National Purchasing Partners (NPP) is excited to announce our newest partner, Best Buy for Business. Through your membership you now have access to top tier pricing on over 150,000 brand-name products.
Best Buy For Business offers:
- Multi-location shipping and local store pickup, returns and exchanges
- Technical support from Geek Squad
- Best Buy delivery and local installation services
- Flexible payment options like Net-30 invoicing, purchase orders and leasing
- Volume ordering on products and Best Buy gift cards
If you would like step-by-step instructions on how to create the account, click here.
To log into NPP click here, and for more information visit our website by clicking here.
Best Buy For Business offers products that may not be available at our retail stores. Product pricing, availability and offers may vary from our retail stores. BEST BUY, the BEST BUY logo, the tag design, GEEK SQUAD, BEST BUY FOR BUSINESS, the BEST BUY FOR BUSINESS logo and MY BEST BUY are trademarks of Best Buy. © 2015 Best Buy. All rights reserved.
Airgas, Inc. is one of the nation’s leading single-source suppliers of gases, welding equipment & supplies, and safety products.
Home Builder Association of Greenville members can now receive special pricing on their safety equipment, welding, & industrial gas needs through our partnership with National Purchasing Partners. To take advantage of these discounts, simply set up or link your Airgas account through NPP.
If you’re not already an NPP member, signing up is free and there’s no obligation to purchase. Once a member, your company and employees will have access to a variety of other discounts as well.
In 2012, the home builders associations’
(HBA) efforts saved the home building
industry more than $615.8 million. For
every $1 invested in HBA dues, members
received more than a $2,500 return!
Your HBA influences government on all
levels. Our goal is to protect affordable
housing and to stop needless regulatory
costs, which ultimately trickles down and
effects everyone who works in the home
building industry and every homebuyer.
If you know of someone who makes their
living in the construction industry, but
is not a member ask them why. Keep our
industry strong and ask that they join the
HBA today to make sure they have a job
tomorrow! To find an HBA in your area,
visit www.hbaofsc.com or call
803-771-7408 you can reach the HBA of Greenville at 864-254-0133
Here are some recent examples!
Multiple-lot Property Tax Discount: $5.8 million saved!
The new law gives a temporary three-year extension (2012-14
tax years) on the multi-lot discount, plus any remaining time left
on the original five years, to qualified residential developers. For
builders who had the one-year builder discount in 2009, 2010, or
2011, they will get an additional three years. In addition, during
the three year “timeout” period, qualified builders and developers
can sell lots to other builders or developers and the discount will
transfer with the lot. The bill makes permanent changes in the
law to end annual recertification, and provides that subdivisions
platted after May 1 of each year may still get the discount in that
year by paying a very low late application fee ($100).
Mandatory Fire Sprinklers: $100+ million saved!
The SC Building Code Council voted to adopt the 2012
IRC including a mandatory fire sprinkler provision, but the
HBA was able to have the mandate excluded.
Water Flow Requirements: $500+ million saved!
To support mandatory residential fire sprinklers (IFC 2012)
the SC Building Codes Council voted to increase water
flow requirements across the state. The HBA and its allies
were able to remove this modification to the benefit of
every citizen in the state. The building codes will now go to
the General Assembly for approval with implementation as
early as July 2013.