The Smart First-Time Home Buying Guide: How to Save for A Home Down Payment with Limited Money

By Thomas.K Lutz

Home Prices Are Too High

Buying a home is the pinnacle of adulthood, but as we all aware, home ownership isn't exactly easy to navigate, especially for younger folks. Unless you're completely debt-free, get help from parents, and disciplined enough to live below your means to save money, buying your first home in the future can seem more like a fantasy than an actual possibility.

In "The First Time Home Buying Guide", we will be mainly focus on why and how to save up our money to have the down payment for our first home purchase, so we can be prepared when there is a home buying opportunity in the future.

What is a Downpayment?

A down payment is a big sum of money you need when buying a home. You may borrow money from the bank in the form of a home loan or mortgage, but a portion of the total cost must come directly from you. The down payment acts as an insurance of sorts for your lender. 

It is Not just About HOW to Save, But WHY You Should Save

As we all know, there's a correlation between inflation and home prices. If we don't save up now, the global home price will slowly keep going up. Now is the time to be prepared and save up, so when there's home price correction underway, you will have the purchasing power to own a home.

The truth is that we all know how to save, but most of us are not aware of the reason why we need to save and that becomes problematic. In this book, we will go in depth on this topic. We will also be sharing unique ways to save up for a down payment and ways to save a lot faster than an average person. 

This is What You Are About to Discover..

✔ Why is Saving so Important in General?

✔ Why is it Important to Own Your Home, Rather Than Rent?

✔ Budgeting and Keeping Track of Your Spending

✔ Extreme Ways to Save Fast

✔ The Important Things You Should Know Before Buying a Home
 

Would You Like To Know More?

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• Language: English
• Publisher: Thomas.K Lutz
• Release date: Dec 9, 2018
• ISBN: 9781386156741

Thomas.K Lutz

Thomas has been a financial adviser/Realtor in Vancouver, BC, Canada since 2002. He provided clients with advice on financial matters, as well as helping people who are in difficult financial situations. Thomas is also an experienced condo Realtor in Metro Vancouver. He had handled hundreds of home sales and purchases in the downtown core of Vancouver and all around British Columbia. Thomas is the author of the book "Should I Quit My Job?" and "The Smart First-Time Home Buyer's Guide". Thomas's goal is to provide different options for people who are not feeling satisfied with their current employment. He believes that everyone deserves to work in a comfortable and friendly environment, not just working to pay bills. When not working, Thomas loves to play with 3 of his husky dogs, and get outside and enjoy the nature. He also enjoys swimming and jogging to stay fit.

Book preview

Table of Contents

Introduction

Why Planning is The Key in Life

Why is Saving so Important in General?

What You Can Expect From This Book

Chapter 1: You Need to Know Why

Why do You Need a Down Payment?

Why is it Important to Own Your Home, Rather Than Rent?

Why Saving is a Commitment Which Requires Strength

Chapter 2: Knowing What You Want

Create a Clear Picture

What Kind of Home do You Want?

What Area is Your Dream?

Chapter 3: Are You Willing to Sacrifice?

What is Important in Your Life?

How Fast do You Need to Save For Your Down Payment?

Are You Able to Sacrifice Over The Long-Term?

Chapter 4: Knowing Your Current Expenses

Assessing Your Incomings and Outgoings

Creating a Savings Plan

Budgeting and Keeping Track of Your Spending

Chapter 5: Extreme Ways to Save Fast!

Chapter 6: The Important Things You Should Know Before Buying a Home

Credit Scores, and Why You Need a Good One

Understanding What Type of Mortgage You Need

Knowing How Much You Can Borrow

Conclusion

Bonus

Copyright © 2018 by T.K.Lutz

All Rights Reserved

Disclaimer:

No part of this publication may be reproduced or transmitted in any form or by any means, or transmitted electronically without direct written permission in writing from the author.

While all attempts have been made to verify the information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, or misuse of the subject matter contained in this eBook.

This eBook is for entertainment purposes only, and the views expressed are those of the author alone, and should not be taken as expert instruction. The reader is responsible for their own actions.

Adherence to applicable laws and regulations, including international, federal, state, and local governing professional licensing business practices, advertising, and all other aspects of doing business in the U.S.A, Canada or any other jurisdiction is the sole responsibility of the purchaser or reader.

Introduction

Purchasing your first home is something to celebrate. For many people however, it is a pipe dream.

The cost of buying a home in Canada has never been higher than it is now, with the average home costing a huge $652,400. Of course, figures are constantly shifting and changing and if current trends continue, we’re looking at potentially pricing young, first-time buyers completely out of the market. You could look globally too, as overall, house prices are at their highest level for decades.

This might all sound doom and gloom, but there is some good news within there somewhere. If you start early enough, put together a plan, and know what you want to search for, you stand a much better chance of saving up the initial 20% down payment for purchasing a home, and obtaining a mortgage at favorable rates. Obviously, the rate at which you receive your mortgage depends upon your personal circumstances, but the fact you have a down payment sat in the bank makes you a valuable commodity to a mortgage lender.

If you have aspirations of buying a home at some point in the future, this book is the ideal thing for you to read right now. Don’t put things off and assume that it’s too far ahead to tackle right now - the earlier you start, the better, and the more chance you have of success. Many people leave things far too late, considering them to be happening ‘one day’. The problem is, ‘one day’ comes sooner than you might realize and then you don’t have the cash to go through with it. By placing importance on saving and planning right now means you’re much more likely to be one of the lucky ones.

This book is going to

Reviews for The Smart First-Time Home Buying Guide

[Eli Hutch · Rating: 5 out of 5 stars]

Great read for those that are anxious and curious about the wonders of purchasing a home. This book is a good introduction to home ownership.

[Henry Joseph · Rating: 5 out of 5 stars]

Well done Thomas, this is the second book I bought from this author. It’s a really good topic and really educational.

[Matthew Aiden · Rating: 5 out of 5 stars]

I love it! Easy to read and understand. I think we all knows how to save money, but it’s more of a matter of why. Super helpful if you are planning to become a home owner.

[Ethan Daniel · Rating: 5 out of 5 stars]

Great book to read if you are having hard time saving money for a home~

[Jody Brown · Rating: 5 out of 5 stars]

Great book for those who wants own a home. I think saving for a down payment is actually critical. Paying for the mortgage is not hard, the hard part is actually having that 15-20% of down payment. You will learn how you can save faster from this book!

[Katie Liu · Rating: 5 out of 5 stars]

Interesting read. Some of the tips are quite useful : ) . Recommended ~