Owning a house is the dream for many, but making a down payment may prevent some from realizing that dream. While coming up with a wholesome amount may seem impossible at first, there are many ways to raise cash for your initial deposit.
Other incentives like mortgages are available, and more people qualify for these benefits than you might think. Mortgages for first-time buyers could come with some level of flexibility on payment with the bank concerning the kind of property you want to buy.
More so, Sell Some of your belongings. People willing to take the step into buying a house; typically have some stuff they have acquired over time. Some of these things may seem worthless to the owner, but that old car or a furniture set might be what someone else is looking forward to buying. Selling used goods can supplement your income and raise much-needed cash for the down payment.
The Internet makes it easy to sell everything from personal effects to gadgets. Some of the channels let you do it for free while others take a cut of your profit.
Downsize your lifestyle. Raising money to purchase a home, living on a budget, and minimizing your lifestyle could contribute immensely to saving money. For example, you could move into a smaller apartment or a relatively cheaper apartment to save on rent and utilities. If your two-bedroom apartment has a rent of 1000 cedis per month, switching to a 400 or 500 cedis -per-month simple apartment will save you over 600 cedis annually.
However, a couple with two cars or more, perhaps, selling one of them to cut down on vehicle expenses can help raise extra money for your down payment. One’s ability to control the number of times you dine out or buying a coffee can add up and steadily increase the amount you look forward raise.