Columbus, OH Real Estate— How to Save for the Downpayment

Making the move from renter to homeowner is challenging for nearly everyone, no matter their financial situation. Navigating the local real estate market and searching for homes available in Columbus, OH is often uncharted territory and has many homebuyers looking for guidance. For instance, where do you begin your home search? How do you save for the downpayment? What happens after we submit an offer?

First step, you’re in the right place. Buyer’s Resource Realty Services has the expertise and experience to help you buy a home in the Columbus area. Our broker, Andrew Show, began his Exclusive Buyer’s Agent career here in Columbus in May of 1992 and he has never represented a seller, ever! That means our company has insight just for you as a homebuyer and knows the ins and outs of the industry.

Next step, saving for the downpayment. If buying a home now or in the next few years is on your to-do list, saving for a down payment will quickly become a priority— meaning cutting spending, boosting income, or both. To get started, financial experts suggest setting a timeline and breaking up your savings goals. For instance, to save $20,000 in two years, you’ll need to save $833 a month for the next 24 months.

One way to make this easy is to create an account that will hold only the savings for your new home. This can help you track your progress and stay organized when it comes to saving for your Columbus real estate journey. Another way to start saving is to downsize— can you move from a two-bedroom to a one-bedroom? Most times, this will save you tremendously on your current rent. If you’re not currently using the space and are able to make the move, doing so can help boost the money in your new home account.

You can also downsize your finances. Where can you cut corners? Which monthly payments or regular expenses, like a Netflix subscription, gym memberships, or daily coffee trips, are you OK with letting go? These can really add up and allow you more money to save on your new Columbus home‘s downpayment. Creating a budget is a major part of this process and planning where each dollar is going can help you visualize what you have to spend and what should really be put away.

So, whether your goal is to buy now or in the near future, Columbus homes for sale will require a downpayment. You will need discipline and and a strategized savings plan to make your goal of becoming a homeowner happen. These tips and the help of your true Exclusive Buyer’s Broker can make the process seem less daunting. Contact us today to chat about your options and plans for buying a house in Columbus, OH— we’re with you every step of the way… all the way home!