How to Save for a House: From Costs to Budgeting Tips

Buying a home takes a significant amount of preparation. The most time-consumingtask in the process, however, is often determining how to save for a house. Theexpenses buyers incur while moving can add up, making it very important to planahead. From the initial large investment of a down payment and closing costs tomonthly interest and fees associated with homebuying, proper budgeting can help makethe process much smoother.

But how much should you save for a down payment, exactly? And what other costsshould you factor in? Most real estate professionals recommend a down payment that is20%or more of the total house price. Anything less than this will require you to pay privatemortgage insurance (PMI)—an extra cost added to your monthly payment thatdoes not go towards paying off your mortgage.

While there are several expenses buyers must consider when purchasing a newhome, new homeowners can also take advantage of tax deductions and credits. Theseinclude mortgage interest credit, property tax deductions and much more. All in all, it truly is a numbers game.  

Saving for a home does not have to break the bank, though. Explore the majorcosts you should expect to cover during the process along with some simple tips forstarting your savings plan to help you get the keys to your dream home faster!

Understanding how to save for a house is the first step toward moving into yourdream home. Now it is time to discover what your price point can get you! Explore andcompare availablePerry Homes’ properties in some of Texas’ most desirablecommunities to find the perfect home for your unique lifestyle.