Classic New England 5 BR hip roof Colonial set back for privacy from a quiet road with much to offer. Priced well below recent sales of 4 BR homes in top Sherborn neighborhood Freshly painted rooms complement newly refinished, warm hardwood floors. Open foyer leads to beautiful living room with bay window, large office and smooth ceilings throughout. Kitchen opens to fireplaced family room and awaits the personal touches of the new owner. At this reduced price you can design the kitchen you’ve always wanted. Family room leads to screened porch overlooking the backyard with direct access to lovely walking trails on scenic town land. Upstairs are 5 generously sized bedrooms, a master suite with tray ceiling, walk-in closet and new 2018 master bath. Fully finished lower level offers bright and sunny space with fresh carpeting, perfect for play or exercise room. New garage doors 2017. Enjoy Sherborn’s Farm Pond with swimming and sailing instruction, top rated Dover-Sherborn school system.
It can be difficult to find the extra savings to put towards your first home as a renter. With rent and utility prices rising, most people’s paychecks are leaving them with less and less savings at the end of the month.
Buying your first home, however, can be a great long-term financial decision. It will help you build equity, and, eventually, you’ll be able to use that equity toward another home or toward retiring.
In today’s post, we’ll talk about some of the ways to save for a down payment while renting an apartment.
How much to save
In order to make the most of your first home purchase, you’ll want to save up as much of a down payment as possible. This will help you receive the lowest interest rate and reduce the amount you’ll pay toward interest.
If you can manage to save 20% of the loan, you’ll also be able to waive private mortgage insurance (PMI), that would otherwise set you back around $100 per month or more.
Smart ways to save while renting
If you’re ready to get serious about saving for your first down payment, let’s talk about the best way to approach your savings plan.
Pay off small debts
If you’ve had that lingering credit card debt that you’ve never quite paid off, now is the time. Take a look at your current debts. Pay off the smaller balances first and focus on debt with the highest interest rate.
This will enable you to start making larger deposits toward your down payment savings sooner and can help you avoid needlessly paying interest on small loans and credit card debt.
Open a dedicated account or CD
The best way to make sure you contribute to your down payment savings plan is to open a savings account or take out a CD (certificate of deposit).
A savings account with a high-interest return is a good option for people who are worried that they may need to access their funds before they’re ready to buy a home.
If you’re comfortable with not being able to access your funds until a set date, then a CD could help you save more money.
Since CDs are a one-time payment, many people choose to combine both CDs and high-interest savings accounts to achieve their savings goals.
Regardless of which option you choose, be sure to shop around for the highest interest rate. Online banks tend to have higher rates than traditional banks and are also easy to sign up for.
Direct deposit a portion of your pay
Opening a bank account or CD won’t do you any good if you don’t commit to contributing to it. If you are paid via direct deposit, visit your HR office and ask them to reassign a portion of your weekly pay to your new account.
By following these tips, you’ll be able to better prepare for your down payment. Don’t wait! The sooner you start saving, the sooner you’ll be able to purchase your first home.
Beautifully maintained 5-bedroom Colonial on lovely 2+ acre lot with unique, newer post & beam 3-stall barn. This kitchen addition features an expanded eating/sitting area multiple windows & French doors to the private bluestone terrace with stone walls and perennial gardens overlooking the barn & yard/pasture spaces. Stainless appliances, gas cooking, granite counters, wet bar & cherry cabinetry enhance the chef’s ktichen. Enjoy the open floor plan, wood floors throughout both levels, 1st floor home office, and a step down family room with brick fireplace and built-in bookshelves.The home has a finished lower level with bonus room and half bath. A long list of improvements includes central air, newer natural gas heat system, new alarm system, new windows, shelving units, and updated lighting to name a few. Room for expansion on 2nd floor. This is a lovingly maintained home with much to offer.Bring your horses to nearby trails or use the spacious barn for entertaining and storage!
This is a Colonial style home and features 10 total rooms, 2 full baths, 2 half baths, 5 bedrooms, 2.17 Acres, and is currently available for $1,119,000.
For complete details click here.
Welcome to this custom built graceful and classic New England Colonial. This much-admired property greets you with its driveway to circular courtyard leading to a grand foyer with bridal staircase showcasing Brazilian cherry floors. 2017 master bath renovation & guest bath remodeling. The kitchen offers granite countertops, new stainless appliances and beautiful vistas of the backyard and gorgeous stone walls. On both sides of main house are two beautifully curved wings of the home. One wing leads to a separate indoor pool offering year-round swimming with turn-key maintenance. The other wing leads to 3 car garage and access to newly renovated guest suite or entertaining area with full bath. Among other enhancements, current owners added a 3rd floor oversized bedroom. With incredible curb appeal and thoughtful design, this one-of-a-kind home offers many possibilities for the discerning buyer. Hopkinton offers top school system, charming town center, proximity to major routes.