What's the best way to save for a house?

Question

I'm 22 years old and would like my own house by the time I'm 25 or so. I'm not married but I do live with my boyfriend. How do people save for houses...? I know you can put down a few grand but pay more in certain fees, or you can put down 10-20% of the house which would be a few ten grand. Also, was your first house small or did you get one with a few extra bedrooms from the get go because you wanted a family? Opinions please! :)

Answer

Actually you need to think of your debt to income ratio. If you did the house first then you would qualify for more of a house, then the cars after you close escrow, new furniture, new tvs etc. 
I've been in real estate for almost 11 years now 🙂

Answer

You can buy a house with as little as 3.5% of the purchase price and get all your costs paid by seller and bank financing you. 
You can also use a type of loan that assists you with your down payment. 
You need steady income for two years, two years tax returns, most recent paystubs and at least a 580 fico score. 
What area do you live in?

Answer

My friend whose single didn't get a house til she turned 30. By herself. She got a 3 bedroom 2 bath in a place within a decent range of travel to her work. My husband and I are 23 and 20 and just getting our first decent new car together this week hopefully. We decided new vehicles first then afterwards we will save for a house.  It all depends where you live. What you make. Honestly best option is just save as much as you can (without making your life miserable) and then throw down whatever seems appropriate when you find the perfect house. Plus any leftover money can be used for renovations or as extra security money. Good luck!

Answer

How do you save? 
Start a strict budget for buying and saving NOW! It'll be different for everyone, but it's always smart to track your spending each month and work out how much you can out in savings (as well as how much to pay off any debt you have now).
Everyone has different incomes, and houses cost different depending on where you live and how big...but start with being smart with your money.

Answer

Also if you or him work any over time put that money up! Or if you can put back $50.00 a week anything that you can do it helps!!

Answer

I'm 20. My husband is 21. Last year we bought our home together and we got our loan through FHA. Which is a home loan place. The closing cost just gets added to your loan! I loved our experience with them! I live Arkansas too if that helps any! We found our forever home! We love it so much!! It's a 4 bedroom 2 bath home. With 4 arces of land a pond storm celler and a lot of other stuff :) I love it her

Answer

In south east UK...

My husband and I had £10k to get a tiny 1 bed house with a 95% mortgage. We're in an expensive area due to our jobs so it didn't buy a lot, but it did go up in value stupidly quickly. We made a £60k profit in 2 years which has allowed us to buy a 4 bed house with a 80% mortgage. A friend had similar success on a flat. Don't ignore leaseholds if you only plan on being there short term. They don't go up in value as much as freehold but you get more for your money.

And use comparison websites to find mortgage deals! Brokers are recommended if you have any funny circumstances, but they have their own fees. We did it by ourselves both times and got a pretty good deal. Anyway, the main thing is getting on the ladder with whatever you can comfortably afford.

Answer

Try my envelope trick. Withdraw all your weekly pay from the bank. Seperate it into envelopes clearly stating what each one is for. You must stick to this budget!! Everything that is left put in a money tim or into a interest savings account. It works we saved our deposit in a year an had enough to buy brand new everything to put in it!! We bought a 3 bedroom 1 bathroom with a big shed (hubby is a car and boat nutter so needs his shed) we want bigger so we are renovating. Just finished putting new flooring an kitchen in. It was soooooo stress relieving to knock walls down and smash the old kitchen lol

What's the best way to save for a house?

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