PAM DENT

Jump into Greener Pastures


434-960-0161
[email protected]
  • About
    • About Us
    • Company Info
    • Testimonials
  • Featured Properties
    • Walnut Grove
    • Madison Co. Farm
    • Brightly
    • Black Walnut Farm
  • Buyers
    • Home Buying Steps
    • Home Inspections
    • Inspection Study Period
    • Buyers
    • Customer or Client
    • What are the Things that a First-time Home Buyer Should Consider Before Purchasing?
    • Buyers Articles
    • Area Information
  • Sellers
    • Home Inspections
    • Sellers
    • How to Prepare Your Farm for Sale
  • Specialties
    • New Construction Homes in Central VA
    • Golf Communities
    • Farms & Estates
    • Seniors Real Estate
    • Historic Properties
  • Counties
    • City of Charlottesville
    • County Details – Albemarle Co.
    • County Details – Fluvanna Co.
    • County Details – Greene Co.
    • County Details – Louisa County
    • County Details – Nelson Co.
  • MLS – Search
    • Search By County
    • Search By Price
    • Search By Acreage
  • Blog
  • Contact

👌How to Save for a Down Payment on a Charlottesville VA Home

Buying a home is the largest purchase most people will ever make.

If buying a home is one of your financial goals, it is best to begin preparing for it in advance as soon as possible. As with all major savings goals, the sooner you start setting aside money, the easier it will be.

How to Start Saving Down Payment for a Charlottesville VA Home

 

You’ve probably been thinking about how and where to save money for a down payment. While the amount can be daunting, it can be done with a basic understanding of how real estate financing works and how to create a savings plan.

What is a Down Payment

Basically, a down payment is the amount of money you spend upfront to purchase a home. It is usually combined with a home loan to fulfill the total purchase price of a home.

Homebuyers have to make a down payment because lenders generally won’t finance 100% of the purchase price. The bigger the down payment you can make, the less risky the loan is for the lender.

So how much down payment do you need in order to purchase a home for sale in Charlottesville VA?

That would depend on three things – your lender, the kind of loan you will get, and your financial situation. Typically you’ll have to pay a minimum of 5% to 20% of a home’s purchase price.

Here’s how to save for a down payment the smart way:

Determine your price range

Before you start saving money for a down payment, you need to determine first your price range. You don’t want to overspend on a home you can’t afford to keep, do you?

When deciding on a price range, be realistic and consider your financial situation. The often quoted rule of thumb is you can afford a house that costs up to 2 ½ times your annual gross income. If you are buying with your spouse, you should also consider his or her annual gross income to help you decide just how expensive a home you can buy.

Learn to prioritize

Saving for a home is all about priorities. Would you be willing to tighten your belt in order to save for the down payment of your dream home?

Identify areas in your life where you can cut back on expenses so you can put more money in your savings. The best way to do this is to create a budget.

You can also look for a cheaper way to do things. Do you take expensive vacations? You can try something less expensive or closer to home. You can save for a down payment without diminishing the fun in your life.

Put your savings on autopilot

If you’re really determined to buy a home for sale in Charlottesville VA, you could automate your savings into an account specifically for your down payment.

Having it automated makes sure that you don’t forget to make the deposit into your savings account. You can choose a fixed amount, like $300 per month. You can also specify a percentage of each paycheck. This way you can save more when you get a raise or bonus. 

 

Are you in the market for a home here in Charlottesville VA? Let me help you!

Call me, Pam Dent at (434) 960-0161. Let’s make sure that your real estate transactions go as smoothly and as stress-free as possible!

 

Filed Under: Blog, Charlottesville Homes for Sale, Charlottesville VA Homes, Homes in Charlottesville VA, Real Estate Properties for Sale in Charlottesville VA Tagged With: Charlottesville, Charlottesville home, Charlottesville Homes for Sale, Charlottesville VA Homes, Charlottesville VA Homes for Sale, Charlottesville VA Real Estate Properties for Sale

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

My Specialties in Central Virginia

HORSE FARMS

GOLF COMMUNITIES

FOR SALE BY COUNTY

FOR SALE BY PRICE

FOR SALE BY ACREAGE

HISTORIC PROPERTIES

Blog Categories

  • Albemarle Country Homes for Sale (2)
  • Blog (425)
  • Brightwood VA Equestrian Homes for Sale (2)
  • Brightwood VA Equestrian Properties (2)
  • Central Virginia Historic Homes (7)
  • Central Virginia Homes (18)
  • Central Virginia Horse Farm for Sale (28)
  • Central Virginia Real Estate Properties (6)
  • Charlottesville (71)
  • Charlottesville Golf Communities (11)
  • Charlottesville Golf Community Homes (14)
  • Charlottesville Homes for Sale (53)
  • Charlottesville VA Homes (34)
  • Charlottesville VA Horse Farms for Sale (24)
  • Crozet VA Homes for Sale (1)
  • Earlysville VA Homes (3)
  • Earlysville VA Homes for Sale (4)
  • Equestrian news (43)
  • Equestrian Properties in Port Republic VA (1)
  • Farms and Estates (113)
  • Fluvanna County VA Homes (2)
  • Fluvanna VA Country Property for Sale (1)
  • Foreclosures (12)
  • Free Union VA Country Homes for Sale (4)
  • Free Union VA Homes (3)
  • Free Union VA Homes for Sale (3)
  • Glenmore (9)
  • go green (4)
  • Golf Communities (6)
  • Gordonsville VA Homes for Sale (4)
  • Gordonsville VA Horse Farm for Sale (2)
  • Green building (10)
  • Historic Central VA Home (4)
  • Historic Central Virginia Country Home for Sale (3)
  • Home selling tips (3)
  • Homes for Sale in Central Virginia (6)
  • Homes for Sale in Crozet (1)
  • Homes for Sale in Earlysville (1)
  • Homes for Sale in Keswick (3)
  • Homes for Sale in Lovingston VA (1)
  • Homes for sale in Palmyra VA (2)
  • Homes for Sale in Roseland VA (1)
  • Homes for Sale in Scottsville VA (2)
  • Homes in Charlottesville VA (20)
  • Homes in Free Union VA (3)
  • Homes in Lovingston VA (1)
  • Homes in Palmyra VA (3)
  • Homes in Roseland VA (1)
  • Homes in Somerset VA (3)
  • Horse Farm Properties for Sale in Brightwood VA (3)
  • Horse Farms for Sale in Charlottesville VA (8)
  • Information for buyers (119)
  • information for home owners (14)
  • Information for homeowners (16)
  • Information for sellers (66)
  • Keswick VA Homes (3)
  • Keswick VA Homes for Sale (4)
  • Listings (33)
  • Local events (23)
  • Louisa VA Homes (2)
  • Louisa VA Homes for Sale (2)
  • Lovingston (1)
  • Lovingston VA Homes (1)
  • Lovingston VA Homes for Sale (1)
  • Luxury Homes in Scottsville VA (2)
  • Market Reports (34)
  • Mortgages (6)
  • Neighborhoods (9)
  • open houses (3)
  • Palmyra VA homes (4)
  • Palmyra VA homes for sale (3)
  • Pam Dent (40)
  • Pet Friendly Real Estate (3)
  • Places to Go (5)
  • Rapidan VA Horse Farms (1)
  • Real Estate (101)
  • Real Estate Properties for Sale in Charlottesville VA (18)
  • Real Estate Properties for Sale in Crozet VA (1)
  • Real Estate Properties for Sale in Louisa VA (1)
  • Real Estate Properties for Sale in Troy VA (1)
  • Real Estate Properties in Charlottesville VA (10)
  • Real Estate Properties in Keswick VA (3)
  • Roseland VA Homes (1)
  • Roseland VA Homes for Sale (1)
  • Roseland VA Real Estate Properties for Sale (1)
  • Ruckersville VA Homes (2)
  • Ruckersville VA Homes for Sale (3)
  • schools (2)
  • Scottsville VA Homes (2)
  • Scottsville VA Homes for Sale (2)
  • Sold Listings (17)
  • Somerset VA Homes for Sale (4)
  • Staunton VA Historic Home for Sale (1)
  • Troy VA Homes (1)
  • Troy VA Homes for Sale (2)
  • Uncategorized (56)
  • Vacation homes (2)
  • Virginia (58)
  • Virginia Equestrian Property for Sale (20)
  • Virginia Historic Homes (7)
  • Virginia Horse Farms (25)

History

  • January 2021 (6)
  • December 2020 (1)
  • November 2020 (1)
  • October 2020 (2)
  • September 2020 (2)
  • August 2020 (3)
  • July 2020 (3)
  • June 2020 (1)
  • May 2020 (2)
  • April 2020 (3)
  • March 2020 (3)
  • February 2020 (1)
  • January 2020 (1)
  • November 2019 (1)
  • October 2019 (2)
  • August 2019 (3)
  • June 2019 (1)
  • April 2019 (1)
  • March 2019 (4)
  • February 2019 (4)
  • January 2019 (3)
  • December 2018 (1)
  • November 2018 (1)
  • October 2018 (2)
  • August 2018 (7)
  • July 2018 (5)
  • June 2018 (8)
  • May 2018 (3)
  • April 2018 (6)
  • March 2018 (10)
  • February 2018 (4)
  • January 2018 (13)
  • December 2017 (8)
  • November 2017 (3)
  • October 2017 (3)
  • September 2017 (3)
  • August 2017 (6)
  • July 2017 (7)
  • June 2017 (9)
  • May 2017 (4)
  • April 2017 (2)
  • March 2017 (4)
  • February 2017 (4)
  • January 2017 (1)
  • December 2016 (3)
  • November 2016 (1)
  • October 2016 (6)
  • September 2016 (2)
  • August 2016 (2)
  • July 2016 (1)
  • June 2016 (2)
  • March 2016 (2)
  • February 2016 (1)
  • January 2016 (2)
  • December 2015 (2)
  • November 2015 (1)
  • October 2015 (1)
  • September 2015 (3)
  • August 2015 (3)
  • July 2015 (4)
  • June 2015 (2)
  • April 2015 (1)
  • December 2014 (1)
  • November 2014 (1)
  • August 2014 (1)
  • February 2014 (1)
  • January 2014 (3)
  • December 2013 (1)
  • July 2013 (2)
  • March 2013 (1)
  • February 2013 (1)
  • December 2012 (1)
  • September 2012 (1)
  • August 2012 (2)
  • July 2012 (1)
  • June 2012 (4)
  • May 2012 (1)
  • April 2012 (1)
  • March 2012 (2)
  • February 2012 (4)
  • January 2012 (1)
  • December 2011 (3)
  • November 2011 (2)
  • October 2011 (2)
  • September 2011 (2)
  • August 2011 (2)
  • July 2011 (2)
  • June 2011 (3)
  • May 2011 (3)
  • April 2011 (3)
  • March 2011 (4)
  • February 2011 (3)
  • January 2011 (8)
  • December 2010 (5)
  • November 2010 (5)
  • October 2010 (3)
  • September 2010 (2)
  • August 2010 (8)
  • May 2010 (4)
  • April 2010 (1)
  • December 2009 (2)
  • November 2009 (5)
  • October 2009 (4)
  • September 2009 (3)
  • August 2009 (4)
  • July 2009 (3)
  • June 2009 (4)
  • May 2009 (5)
  • April 2009 (5)
  • March 2009 (9)
  • February 2009 (6)
  • January 2009 (13)
  • December 2008 (11)
  • November 2008 (13)
  • October 2008 (13)
  • September 2008 (12)
  • August 2008 (17)
  • July 2008 (22)
  • June 2008 (15)
  • May 2008 (1)

Areas of Expertise

  • Central Virgina Horse Properties
  • Keswick VA Horse Properties
  • Albermarle VA Horse Properties
  • Charlottesville VA Horse Farms

Social

  • Facebook
  • Google+
  • LinkedIn
  • Twitter
  • YouTube


Charlottesville VA Homes For Sale
Retire To Charlottesville VA
First Floor Bedroom Homes For Sale

Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


Real Estate Site Map

Copyright © 2016 All Rights Reserved