Sawyer Home And Land, LLC

Tips to Save for a Down-Payment

by Karyl Sawyer 08/11/2019

You've assessed your budget, changed your habits, and made spending cuts but you still need to reach your down payment faster. Consider these significant steps to help you get there.

  • Take on a second part-time job. If your work schedule allows you to add a second job find a part-time option that will enable you to earn one or two thousand dollars more each month. If you are part of a couple, each partner can get a light part-time job without feeling overloaded. Bonus—occupying your time more does help lead to less spending and more saving! Tutor students, pet sit, or take a steady part-time gig!
  • Move back home, move in with extended family, or get a roommate. If your family is on board with the changes you need to make to meet your financial goals, consider moving in with someone in your family to pay lower rent and save tens of thousands over one year. If family help isn't an option, consider getting a roommate or moving into a two-bedroom apartment and adding a roommate to lower your monthly rent.
  • Review your belongings for big-ticket items you can sell. Do you live in an area with excellent public transportation? Consider selling your expensive, gas-guzzling car or getting out of your costly lease. Do either you or your spouse work at home, but you both own a car? See if you can help fund your savings by downsizing to one vehicle for the next year to save more.
  • Sell unworn jewelry and have broken pieces melted down for cash.
  • Skip vacations for a year, or even two! And during your vacation time, take on an extra job so when you head back to work you’ve earned a bit chunk to add to your savings kitty.
  • If your owning a home in the near future is a top priority, take a break from your retirement fund at work and redirect those funds into your savings account. (Only take this step if you are completely committed to reaching your down payment goal within a year or two at most since you lose the value of compounding those funds toward your retirement for the life of the account.
  • Direct all your tax refund and any annual bonuses into your savings!

Remember, this isn’t a forever deal. You’re not signing on for an austere life ongoing. It’s just temporary to reach a goal. Your real estate professional can help you get started by determining how much you need to set aside for your down payment.

About the Author
Author

Karyl Sawyer

 I grew up on a family farm just outside of Weiser, Idaho, then moved to Moscow to attend the University of Idaho and stayed for 33 years. I moved back to southern Idaho in 2016 and look forward to expanding my relationships down here. I hold a B.S. in Agricultural Economics, and a M.Ed. in Counseling and Human Services.

I am married to Charles (Buck) Sawyer, and as a blended family we have four adult children between us. We love to travel, bike, kayak and snowshoe while enjoying time with friends and family. We recently moved from Eagle to Wilderness Ranch just off Idaho State Highway 21. We feel fortunate to have experience across all of southwest Idaho.

I obtained my Idaho real estate license in 2003 and went to work at a boutique brokerage in Moscow. After 4  successful years, I along with 3  partners established RE/MAX Connections in Moscow in 2007. I bid farewell to them the end of 2016 and moved to Boise to join my husband and establish Sawyer Home and Land. Exciting times! It’s good to be home.....

Business Approach: As your Agent and Broker, my job is to assist you in achieving the goals of your transaction (price, timing, etc..). I will do my best to help you find the right property for you and your family as a Buyer, or present and market your property effectively as a Seller. I have expertise in negotiating the best price and terms, and guide the process and paperwork to a successful conclusion. Unlike many agents I do not represent both Buyer and Seller in the same transaction (dual agency, or double-ending). I cannot effectively give both parties the benefit of my experience if I try to represent both at the same time.

My listing fee is no more than 5%, and always negotiable. As a local full service brokerage, I provide excellent market presence and exposure through several forms of internet and print advertising, photography, signage, Intermountain Multiple Listing Service, and more. As a local Owner/Broker I can control and direct the marketing according to your needs rather than a national model.

Let my experience and dedication work for you!