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w w w .in sid e H A L T O N .co m | OAKVILLE BEAVER | Friday, D e c e m b e r 2 , 2 0 1 6 | 16 Advertorial W E 'R E E X T E N D I N G B L A C K F R I D A Y L IV E IN T H E ST. CATHARINES WHERE THE PAST M EETS TH E F U T U R E H o w to save fo r a d o w n p aym en t on a new hom e A home is the most costly thing many people will ever buy and the process of buying a home can be both exciting and nerve-wracking. One way to make buying a home more attainable and less stress-inducing is to save enough money to put down a substantial down payment. Saving for a down payment on a home is similar to saving for other items, only on a far grander scale. Many financial planners and real estate professionals recommend prospective home buyers put down no less than 20 per cent of the total cost of the home they're buying. Down payments on a home tend to be substantial, but the following are a few strategies prospective home buy ers can employ to grow their savings with an eye toward making a down pay ment on their next home. ·D e c id e w h en you w a n t to buy. The first step to buying a home begins when buyers save their first dollar for a down payment. Deciding when to buy can help buyers develop a saving strategy. If buyers decide they want to buy in five years away, they will have more time to build their savings. If buyers want to buy within a year, they will need to save more each month, and those whose ex isting savings fall far short of the 20 per cent may need to reconsider some options. Prequalify for a mortgage L IM IT E D T IM E IN C E N T IV E S : -A /C - G r a n it e K it c h e n C o u n t e r t o p s - 3 P ie c e S ta in le s s S te e l K it c h e n A p p lia n c e s the home buying process a lot easier, and it also can give first-time buyers an idea of how much they can spend. Once lenders prequalify prospective buyers, the buyers can then do the sim ple math to determine how much they will need to put down. It's important for buyers to understand that a down pay ment is not the only costs they will have to come up with when buying a home. Closing costs and other fees will also need to be paid by the buyers. Examine monthly expenses Once buyers learn how much mortgage they will qualify for, they will then see how close they are to buying a home. But prospective buyers of all means can save more each month by examin ing their monthly expenses and look ing for ways to save. Buyers can begin by looking over their recent spending habits and then seeing where they can spend less. Cutting back on luxuries and other unnecessary spending can help buyers get closer to buying their next home. Avoid risky investments Before buyers even look for a home, they should first sit down with a mort gage lender to determine how much of a mortgage they will qualify for. Prequalifying for a mortgage can make Some times it's great to take risks when investing, but risk should be avoided when saving for a down pay ment on a home. Traditional vehicles like certificates of deposit and savings accounts can ensure the money buyers are saving for their homes is protected and not subject to market fluctuations. Saving enough to make a down pay ment on a home can be accomplished if buyers stay disciplined with regard to saving and make sound financial deci sions.