{"id":8228,"date":"2023-12-28T11:30:00","date_gmt":"2023-12-28T11:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/what-you-need-to-know-about-saving-for-a-home-in-2024\/"},"modified":"2023-12-28T11:30:00","modified_gmt":"2023-12-28T11:30:00","slug":"what-you-need-to-know-about-saving-for-a-home-in-2024","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/what-you-need-to-know-about-saving-for-a-home-in-2024\/","title":{"rendered":"What You Need To Know About Saving for a Home in 2024"},"content":{"rendered":"
\"What<\/p>\n

If you\u2019re planning to\u00a0buy a home<\/a>, knowing what to budget for and how to save may sound intimidating \u2013 but it doesn\u2019t have to be. One way to ease those concerns is to make sure you understand some of the costs you may encounter up front.\u00a0And to do that, always turn to trusted\u00a0real estate professionals<\/a>. They can help you set a plan and take a strategic look at your budget and your process before you even get started.<\/p>\n

Here are just a few things experts say you should be thinking about.<\/p>\n

1. Down Payment<\/strong><\/h4>\n

Saving for your\u00a0down payment<\/a>\u00a0is likely top of mind as you set out to buy a home. But do you know how much you\u2019ll need? While every buyer\u2019s situation is different, there\u2019s a common misconception that putting 20% of the purchase price down is required. An article from the\u00a0Mortgage Reports<\/em>\u00a0explains<\/a>\u00a0why that\u2019s not always the case:<\/p>\n

\u201cThe idea that you have to put 20% down on a house is a myth. . . .\u00a0<\/em>The right amount depends on your current savings and your home buying goals.\u201d<\/em><\/strong><\/p><\/blockquote>\n

To understand your options, partner with trusted real estate professionals to go over the various loan types, down payment assistance programs<\/a>, and what each one requires. The more you know ahead of time, the easier the process will be.<\/p>\n

2. Closing Costs<\/strong><\/h4>\n

Make sure you also budget for\u00a0closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.\u00a0Bankrate<\/em>\u00a0explains<\/a>:<\/p>\n

\u201c<\/em>Closing costs are the fees you pay when finalizing a real estate transaction, whether you\u2019re refinancing a mortgage or buying a new home.<\/em><\/strong>\u00a0These costs can amount to 2 to 5 percent of the mortgage so it\u2019s important to be financially prepared for this expense.\u201d<\/em><\/p><\/blockquote>\n

The best way to understand what you\u2019ll need at the closing table is to work with a trusted lender. They can provide you with answers to the questions you might have.<\/p>\n

3. Earnest Money Deposit<\/strong><\/h4>\n

If you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD). An EMD is money you pay as a show of good faith when you make an offer on a house. According to\u00a0Realtor.com<\/em><\/a>, it\u2019s usually between 1% and 2% of the total home price.<\/p>\n

This deposit works like a credit. It\u2019s not an added expense \u2013 it\u2019s paying a portion of your costs upfront. You\u2019re using some of the money you\u2019ve already saved for your purchase to show the seller you\u2019re committed and serious about buying their house.\u00a0Realtor.com\u00a0<\/em>describes<\/a>\u00a0how it works as part of your sale:<\/p>\n

\u201c<\/em>It tells the real estate seller you\u2019re in earnest as a buyer<\/em><\/strong>\u00a0. . . Assuming that all goes well and the buyer\u2019s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just paying more of the down payment and closing costs upfront.\u201d<\/em><\/p><\/blockquote>\n

Keep in mind, an EMD isn\u2019t required, and it doesn\u2019t guarantee your offer will be accepted. It\u2019s important to work with a real estate advisor to understand what\u2019s best for your situation and any specific requirements in your local area. They\u2019ll advise you on what moves you should make so you can make the best possible decisions throughout the buying process.<\/p>\n

Bottom Line<\/h3>\n

When buying a home<\/a>, being informed about what to save for is key. Partner with a local real estate advisor so you\u2019ll have an expert on your side to answer any questions you have along the way.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re planning to\u00a0buy a home, knowing what to budget for and how to save may sound intimidating \u2013 but it doesn\u2019t have to be. One way to ease those concerns is to make sure you understand some of the costs you may encounter up front.\u00a0And to do that, always turn to trusted\u00a0real estate professionals. […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhat You Need To Know About Saving for a Home in 2024 - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/what-you-need-to-know-about-saving-for-a-home-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What You Need To Know About Saving for a Home in 2024 - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re planning to\u00a0buy a home, knowing what to budget for and how to save may sound intimidating \u2013 but it doesn\u2019t have to be. 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