First Time Home Buyers- Creative Ways to Afford Your First Home By Derek Weeks At Isnare.com Ezine Articles

The power to own a home is something many of us cherish. It is implicitly accepted as part of the American dream, and most of us do accept owning a home as something we can attain through work and perseverance. Research has determined home ownership promotes positive effects in one’s overall life satisfaction; some of the key findings are positive effects on family life, better health, benefits children, increases capital accumulation, and lends to a sense of success.

Purchasing a home is one of the best net worth choices we can make for ourselves and our family. Media and research point to trends where first-time home owners are struggling to find a down payment. If you find yourself in this boat, don’t give up. There are creative ways to raise your down payment. Here are 10 savvy ways to fund your first-home down payment.

Set goals for you and your family. This is the most important step to take toward envisioning your new future in your home. Those who tend to set goals tend to reach them. Choose a ‘dream’ date on your calendar, and start working toward reaching your dream.

Beyond setting your dream date, begin envisioning your dream. Psychologists correlate being able to ‘see’ yourself in your new life with the actuality of living that dream. Ways you can do this are by organizing viewings of homes, or cut out pictures of homes - make a collage you can see daily to remind yourself of your goals. While these planning activities are not creating and saving the money you need, they are critical in keeping you focused on your journey of saving money!

Begin assessing your existing assets. Depending on your personal circumstances it’s possible you’ll need to work more hours to raise the funds. Even so, there are often hidden resources right under our fingertips. Many life insurance policies, retirement savings plans, employment plans and the like have cash-out options. If you have the option in your clause to pull out some money consider this home a valuable investment into your future and retirement.

Assess what’s in your home. What resources do you have in your immediate vicinity? One that we overlook is the garage sale. I have made thousands of dollars in garage sales. What is one sellers junk is another buyers’ treasure. Begin planning for a garage sale every other weekend. You will be amazed.

Sell your gold. There are some things you likely shouldn’t add to your garage pile, but research the places that have a demand for your valuables. One thing is selling your old gold and other precious metals. This can be in the form of old jewelry, spoons, coins, and virtually anything you have. You are paid by the ounce at the standard rate.

Sell valuable items. You may not be willing to give up some of your old keepsakes, but if your new home is worth more than the weight of gold for you, you can also contact antique dealers, or any kind of dealer specializing in what you have. Some folk is finding the use of eBay auction more resourceful than the traditional kind of trading market. It all really depends. You will need to do a lot of research. Look into consignments as well.

Explore your inner resources. Working longer hours at work are obvious ways to save money, but it’s not always possible. Whatever your situation, there are many activities you and your family can try, from freelancing at home to beginning your own part-time web business. The options are limitless so begin by sitting down and assessing your hobbies, skills and interests as well as your external resources.

Work in your local community. You and your family can sit down and pool your skills together to offer your neighborhood services. Does your son like to mow the grass? Do you shovel? Get up at 5 am and deliver newspapers together. Place a portion of the fruits of your labor into your dream cash jar.

Raise money the old-fashioned way. It’s an old practice which some locales around the world still use – the social – another expression for a fundraiser. This is a terrific way to pool your friends, families, and theirs’ resources together without asking for upfront cash.

Tap into your community. Living in an apartment, I found the neighbors wanted to pool their efforts into a collective garage sale. One summer we had barbeques, and requested a $1 a hamburger and so on. The money we raised, we gave to a local family. Consider this sort of option at your garage sales, or a creative alternative like this. Be honest, and your visitors will love it, sometimes donating more money just for the cause.

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