There are numerous bases to cover in preparation for buying a home in Chetek WI— from getting pre-approved to determining where you’d like to live to creating a budget. Another important step you will take is determining your down payment and as a homebuyer, you will need to decide how much to save, how to save it, and how long it will take.
According to a recent study from Builder.com, researchers found it would take “nearly eight years” for the average first-time buyer to save a 10 percent down payment for their dream home. The study also broke down the timeline by state and reported that Wisconsin buyers could save 10 percent for their down payment in just under 6 years.
Keep in mind that 10 percent is not required to purchase a home in Chetek and in fact, buyers can purchase a home with as little as 3 percent down. Going this route, the study found that saving for a down payment no longer takes 6 years, but 1.5 years! Either way, you may be closer to purchasing your dream home than you think!
If you haven’t already begun, consider the following ways you can save a down payment for your future home in Chetek WI:
Cut back on spending
Especially this time of year, spending can get out of hand! Make a budget to monitor your monthly expenses and solidify your timeline for buying a home in Chetek. By recording where your money is going, you can quickly identify any large purchases or small, frequent costs (a daily coffee, for instance) that could stand to be cut.
Shop for better rates
Car insurance, renter’s insurance, cable and internet costs can all hinder your ability to save more toward your home. Start shopping around for better rates to bring these figures down and if possible, switch to a new provider. You may be able to save hundreds per month in doing so!
Downsize
Rent is likely your largest expense each month and the one that would allow you to save the most toward your down payment. If you’re not able to negotiate your rent with your landlord, it may be worth your while to downsize and save the difference. Consider moving to a one-bedroom instead of a two-bedroom and deposit the savings directly into an account for your future home.
Six Lakes Realty is your go-to team for all things real estate in Northwestern Wisconsin and we’ve helped many now happy homeowners walk through the buying process. Do not hesitate to give us a call with any questions you have about buying a home in the Chetek WI area!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com