How To Purchase A 250000 Home In Two Years

Dated: 09/22/2017

Views: 343

How to purchase a $250,000 home in two years

Two years was enough time for a couple to be ready and in position to purchase their own $250,000 dream home in Kissimmee. In two years’ time, the couple saved enough money for the down payment and improved their credit score to a point that financing was flawless and never presented any issues.

It is very important to keep in mind the amount of money the couple earned in a year. The combined household income was approximately $60,000 a year. 

This is a real life example and in my opinion, if this couple was able to stop paying rent and starting accumulating wealth, then any other couple can do it as well. I will share the steps the couple took in order to achieve their dream.

  • The couple made the decision that they will start saving money. This is the most important step they took in order to purchase their home. They decided to save $500 month.

  • After making this important decision, the couple then worked on a monthly budget. The goal was to not over spend in groceries. In addition, they stopped going to the restaurant and they started to cook homemade meals; taking leftovers for lunch.

  • They also stopped using their credit cards and pay down the balance on almost all of them. This improved their credit score tremendously.

  •  They met with a Realtor and worked on the plan to purchase a home. They wanted to purchase a home in Orlando but the price range for the house they wanted was above $250,000 for a resale when in Kissimmee the house they wanted was brand new for $250,000 and the builder paid more than $16,000 in closing costs.

  • The last step was to pay a penalty when they broke their rental contract with an apartment complex. They this knowing they will start creating new memories in their own place.

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