Kristine M. Hansmann | Yorktown Real Estate, Kent Real Estate, Carmel Real Estate


Saving for a down payment on a home is a long process that requires discipline and organization. But we all know that with so many other things going on in our lives it can be hard to spend enough time focusing on your budget.

Fortunately, there are several tools available to soon-to-be homeowners who want to keep track of their spending and make sure they meet their down payment goals. In this article, we’re going to talk about some of the best budgeting apps, websites, and other tools to help you keep yourself accountable so you can be living in your new home as soon as possible.

Why budget for a down payment?

If you’ve saved money in the past for a purchase without a budget you might be wondering why you should go through the effort of creating one now.

However, there are many reasons to have a budget, especially if you’re planning on making an investment as large as a home. Here are just a few:

  • Keeping an accurate budget will let you know almost exactly how much you can expect to save for a down payment

  • Budgeting helps you locate and cut out expenses that would be better used in your savings account

  • Budgeting will give you peace of mind along the road to saving for your down payment

Now that we’ve talked about the importance of making a budget, let’s talk about some of the best ways to get it done.

YNAB

You Need a Budget, often shortened to YNAB, is one of the most useful tools for learning about and creating a budget. I don’t know about you, but I was never formally taught how to budget in school. But, it would have been a useful class to have!

YNAB combines budgeting tools with educational materials to help you save while you learn more about managing money. It can be easy to feel lost when it comes to learning about personal finance--that’s what makes YNAB so great.

Their basic precept is that you “give every dollar a job,” meaning there won’t be any money in any of your accounts or in your paycheck that doesn’t have a purpose. That doesn’t mean you can’t spend money on yourself every once in awhile, just that you’ll have planned ahead for moments so you can manage them.

You Need A Budget is available for Apple, Android, on Alexa and in your browser.

Saving with your spouse

Planning a budget yourself is complicated as it is. But planning together with a spouse can be even more confusing. However, there are ways to effectively make a family budget to save for a down payment.

First, you should both make sure you have individual budgets to make sure you know how much money from each of your incomes can go into savings. Opening a joint savings account and having a certain percentage of your paycheck direct deposited into that account is a good place to start.


From there, monitor your savings for a month to see if you need to alter this number, and try to stick to your monthly savings goal.



This listing recently sold for $267,000.

1918 Route 301, Carmel, NY 10512  

Residential
$285,000
Price
$267,000
Sale Price
2
Bedrooms
3/2
Full/Half Baths
UNIQUE HOME LOOKING FOR IT'S NEXT OWNER, ONE WHO SEES ALL IT'S BEAUTY AND POTENTIAL! This beautifully restored,converted, 1787 barn lives like a 3 bedroom and is truly one of a kind! With a living room wall that was brought over from an 18th century house in Massachusetts, and gorgeous hand milled floors, you will never see another home like this! The rooms have majestic cathedral ceilings and exposed beams. There is an antique galley kitchen which is updated with SS Appliances. A pocket sized library, small jacuzzi for 2 and stairs leading to a loft bedroom all add a magical touch. The master bedroom houses a brick fireplace with mantle and wood trim, as well as built in shelves and cedar closets. The cellar has a washer, dryer and room for supplies. The detached oversized two car garage has a hayloft for storage. Located Near Fahnestock Park you can boat, hike or ski. TSP offers an easy commute from your own nature preserve.


The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:

1. Closing Costs

There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.

Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.

2. Property Taxes

Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.

Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.

3. Utilities

Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.

To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.

It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.

Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.

For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.


WELCOME TO SALEM RIDGE ROAD, ONE OF 3 CUL DE SACS OF STUNNING FRONT PORCH CONTEMPORARY COLONIALS ENHANCING THE NEIGHBORHOOD. SITTING PERFECTLY AT THE END OF A CUL DE SAC, ON ALMOST 1.5 ACRES OF ROLLING PARKLIKE PROPERTY, THIS LOVINGLY MAINTAINED HOME HAS ENOUGH ROOM AND STORAGE FOR EVERYONE! A MASTER BEDROOM SUITE WITH JACUZZI BATH AND WALK IN CLOSET, 3 ADDITIONAL GENEROUSLY SIZED BEDROOMS, 2 MORE BATHS, LIVING ROOM W/FIRE PLACE, FORMAL DINING ROOM, FAMILY ROOM, DEN/OFFICE, AND HUGE WALK OUT BASEMENT TO MAKE INTO YOUR OWN FINISHED SPACE IN THE FUTURE. LOCATED CONVENIENTLY JUST 1 MILE FROM ROUTE 6, MINUTES TO CROTON FALLS TRAIN STATION, SHOPPING, GREAT RESTAURANTS AND THE QUAINT HISTORICAL DOWN TOWN CARMEL AND LAKE GLENEIDA. THIS HOME IS JUST WAITING FOR IT'S NEW OWNER !! TAXES DO NOT REFLECT STAR DISCOUNT OF $1272.68 !!

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49 Salem Ridge Road, Carmel, NY 10512  

Residential
$499,000
Price
4
Bedrooms
3/1
Full/Half Baths
WELCOME TO SALEM RIDGE ROAD, ONE OF 3 CUL DE SACS OF STUNNING FRONT PORCH CONTEMPORARY COLONIALS ENHANCING THE NEIGHBORHOOD. SITTING PERFECTLY AT THE END OF A CUL DE SAC, ON ALMOST 1.5 ACRES OF ROLLING PARKLIKE PROPERTY, THIS LOVINGLY MAINTAINED HOME HAS ENOUGH ROOM AND STORAGE FOR EVERYONE! A MASTER BEDROOM SUITE WITH JACUZZI BATH AND WALK IN CLOSET, 3 ADDITIONAL GENEROUSLY SIZED BEDROOMS, 2 MORE BATHS, LIVING ROOM W/FIRE PLACE, FORMAL DINING ROOM, FAMILY ROOM, DEN/OFFICE, AND HUGE WALK OUT BASEMENT TO MAKE INTO YOUR OWN FINISHED SPACE IN THE FUTURE. LOCATED CONVENIENTLY JUST 1 MILE FROM ROUTE 6, MINUTES TO CROTON FALLS TRAIN STATION, SHOPPING, GREAT RESTAURANTS AND THE QUAINT HISTORICAL DOWN TOWN CARMEL AND LAKE GLENEIDA. THIS HOME IS JUST WAITING FOR IT'S NEW OWNER !! TAXES DO NOT REFLECT STAR DISCOUNT OF $1272.68 !!




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