Saving for Down Payment

Step by Step - The Entire Process to Buy a Home
Step by Step: The Entire Process to Buy a Home
May 11, 2016
Step by Step: The Entire Process to Sell Your House
May 11, 2016
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Save for a down payment on your house

Options for saving for your down payment:

  • Do you have assets you can sell? A car? What’s more important, the car or owning a home? Own a boat?
  • How about investments like stocks or bonds or mutual funds? Sell your assets and bank the cash.
  • Consider saving your tax refunds. Make a contribution to an RRSP and the tax man may give you some money back that you can use to increase your downpayment.
  • Use the RRSP Home Buyer’s Plan.
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  • Ask your parents/grandparents for help.
  • Ask for cash (to build your savings) for every birthday, or other special events, until you own your own home.
  • Ask for a raise and then sock away the difference in your income into a” I’m-Determined-to-Own Account.”
  • Cut your expenses. Your focus should be on making money, not spending it. So all that money you were spending on entertainment and shopping can now go towards your downpayment account.
  • Get a second job. And now that you have all this extra time on your hands, you can use it to earn even more money.
  • Get a third job. Sell make-up. Hold sales parties. Walk dogs. House-sit. There are a million ways to make money. Employ as many of them as you can think of.
  • Take in a roommate and save what (s)he’s paying you.
Vivian Cox
Vivian Cox
I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please don't hesitate to contact me!

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