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Posted by on May 5, 2017 in Real Estate |

Saving For a Down Payment

Saving For a Down Payment

If your dream is to buy one of the condos for sale on the Upper West Side of New York, you’ll have to save for a down payment. Typically, you need at least 10% of the purchase price if you want to qualify for a mortgage; this number can vary, though. The first step is to go to your bank or lender and discuss your options. Based on your credit rating and income, they will tell you how much you can afford and how much you’ll need as a down payment. Here are some ways you can put yourself on the fast track to saving money:

  • Sell your car and take the bus: A vehicle may be convenient, but it comes with all kinds of expenses. Gas, insurance, repairs and maintenance can cost you hundreds of dollars each month. If possible, sell it and start taking public transit.

  • Forget those morning Lattes: Buying a morning latte or coffee can add up to more than $700 per year! Invest in a travel mug and make your morning brew at home before you go.

  • Brown bag it: Pack a lunch the night before and put it in the fridge so it’s ready to go with you as you start your day. You’ll save thousands over the course of the year.

  • Pay yourself first: Before paying others, pay yourself. Try to put aside at least 10% of your pay into a savings account that is dedicated to your down payment.

  • Think twice before getting pets: They are cute and cuddly, and day to day expenses may not be much, but if you need to take them to the vet, costs can rise very quickly.

Once you’ve saved for your down payment, contact your realtor and search for condos for sale in the Upper West Side to find your dream home. For more information visit 360 Central Park West.

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