Money Saving & Investing Tips

You don't have to fully renovate to boost the value of your home, or even its "wow" factor. Instead, tackle these small projects this summer.

The countdown to buying your first home is innately defined by one thing: the balance in your savings account. Unlike car loans and the too-expensive shoes you put on your charge card, you can’t exactly buy a home with zero money down, so most people who have their sights set on homeownership begin by saving for a (sizeable) down payment.

My dad was frequently unemployed while I was growing up. When he had a job as a software salesman, things were pretty bountiful in our household: We’d go on vacation, build a playhouse, have another sibling join the family, etc. But it always seemed that right after we’d get used to living in “boom times,” he’d get laid off. And since my mom chose to stay home and homeschool us, there wasn’t money coming in when my dad wasn’t working.

It’s funny how buying a home became known as “The American Dream,” because for decades, it wasn’t a dream at all. Just a few generations ago (basically: your grandparents), buying a house in your 20’s was just reality. I love this story from Relative Realty about a couple of real first-time buyers in Toronto—Ron and Joan, both “in their early 20’s”—achieving The American Canadian Dream.

Before you’ve done something, it’s pretty hard to know what you don’t know. When it comes to the complicated, terrifying steps required to buy your first home, there’s a lot of opportunity to not know. First-time home buyers Tiffany and Alan Goldstein bought a cute, chic Austin bungalow — and learned a few things about buying a home in the process. Build a budget so you can set goals. If you can’t afford a home right now, don’t force it.

Anybody else terrified of the prospect of buying and owning their own home? (Or is it just me?) If it’s not just me, you might find some comfort in facing fears. Specifically, the things that scared Tiffany and Alan Goldstein, first-time home buyers, when they went through the buying process. Taking your own home-buying plunge may be a little less terrifying knowing what’s ahead. The scariest part of the process was fearing we were making the wrong decision.

Saving up money for a down payment is no easy feat—but a separate savings account can help.

I admit it. Since moving to New Orleans, I’ve been fantasizing about finally buying a house. It’s the fun stuff that gets my blood pumping—I’d love to knock down some walls or paint a ceiling green—all the things you can’t do when you rent.