Setting a Resolution to Begin Saving For a New Home

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Setting a Resolution to Begin Saving For a New Home

Remember Sisyphus, Greek mythology class? The guy who kept rolling the boulder up the hill only to have to start all over again? You may feel like him, trying to save for a new custom built modular home the obstacles may seem insurmountable. What you need to keep in mind is even though it is hard it is achievable. Your journey to saving for your new construction begins with the first step of being fiscally disciplined.

Start by setting monthly savings goals. Make sure your goals are achievable and that you can remain motivated throughout the year. A financial advisor or lending institution might advise you on coming up with a strategy and putting yourself in the best possible financial position. Below are some things that you might do to help you reach your goal.

·         Calculate the amount of money you’ll need for a down payment.

·         Create a savings account dedicated specifically towards building your new house. This will better allow you to better track your progress and keep you from dipping into for other priorities.

·         Create and set up with your bank an automatic deposit into your dedicated account on a regular schedule.

·         Review your household budget and your existing expenses. Search for where you can cut back to free up more money to make saving for your home building dream a reality. That extra money you find, dedicate it to your house-building savings account.

·         Look at your living situation, rents, leases, subscriptions etc… if it means going smaller fining small accommodations, bite the bullet and keep your eye on the prize.

·         Be enterprising! Consider taking on second job, selling objects you can live without, stepping out of your comfort zone in order to get to the derive income and get to your homebuilding goal faster.  

·         Do your homework and research land costs in your desired areas. Don’t be afraid to think out of the box and look at teardowns or other alternative ways to get into your new home.  

Focus on the fundamental of your home and what will accommodate and be functional for your family in the future.  Make it about square footage and layout and less about upgrade finishes that you can install possibly later.