|
|||||||
 |
|
|
Thread Tools | Search this Thread | Display Modes |
03-28-2009, 06:16 PM
|
#1 |
|
Registered User
Join Date: Feb 2007
Posts: 3
|
Best way to save for a downpayment
Here is the situation.
~$15k, 401k ~$5k, mutual funds ~$40k, pension (mine) ~$16k, pension (wife's) ~$25k, savings We are in a house where we are very close to being upside down due to the market taking a downturn. We have no problems making our payments, and our income is secure. The question I have is which is the best way to save for a down payment on a new house that we would look to go into in about 3-5 years. Basically, we are ready to upgrade, but we don't want to take a loss on our house right now, and we don't want to liquidate our savings to make a down payment. Right now we feel secure, but we are out growing our house. So I am looking for advice on what people believe to be the best vehicle for saving for a down payment, while hedging the bet that the market will head upward, and we might be able to get the equity back out of our house. Thoughts going through my mind are do I put the money in Roth IRAs, and if we don't need to draw on it (possible bonuses, new job with increased income), we can leverage for retirement, etc.... Thanks in advance. |
|
|
|
04-08-2009, 06:27 PM
|
#2 |
|
Registered User
Join Date: Jan 2009
Posts: 13
|
The best person to advise you on this is probably your local IFA and accountants. It's a tricky area. Do you take a hit now on house prices and upgrade, possibly to a foreclosure property that will have some equity factored in? Don't forget, the prices can still go down further, so may be wise to have some money in reserve.
|
|
|
|
|
04-10-2009, 03:27 PM
|
#3 |
|
Registered User
Join Date: Dec 2008
Posts: 2
|
Keep in mind that as your house value returns over the next 3-5 years, the house you are looking to buy will likely increase as well. In addition, there's a very good chance that interest rates will be higher in 3-5 years.
All that said, you may want to seek out a financial advisor if you are serious about savings. Putting money into a retirement account seems risky to me, as you would probably have to pay penalties to withdraw the money in a few years. A shorter-term investment for your monthly savings such as money markets, CDs or even stocks and mutual funds (if you have the stomach for it these days) seem like a better bet. If you wind up with a little extra money along the line from bonuses, etc use that money to fund retirement. Good luck. Tom |
|
|
|
|
04-14-2009, 12:41 PM
|
#4 |
|
Registered User
Join Date: Feb 2009
Posts: 48
|
A down payment on a home is an investment in your future. Some people think there is only one way to save for that down payment, and that includes saving a certain amount of money every day, every week, or every month.There are a number of ways that can be effective in helping you to save a down payment: placing savings into investments, ask the expert advice of your realtor; tap into family resources; control your budget.
Great tips on Credit Savings, Insurance Savings, Groceries, and many more. I like the book 66 Ways To Save Money Today . It is taken from the information from the US Government and agencies such as the FDIC, FTC, and other federal programs that are designed to help you to save money. Great tips on Credit Savings, Insurance Savings, Groceries, and many more. |
|
|
|
|
«
Previous Thread
|
Next Thread
»
| Thread Tools | Search this Thread |
| Display Modes | |
Linear Mode
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Pay towards Student Loan or Save for House Downpayment | katrina2388 | Student Loans | 3 | 07-04-2007 07:07 PM |
| Save On Cars and Gas | savingadvice | Cars | 4 | 03-27-2006 05:01 PM |
| The "You can always save one more dollar" game.... | sirshack | How Do You Keep More Cash? | 1 | 12-24-2004 01:18 AM |
SPONSORED LINKS
Powered by: vBulletin Version 3.0.1
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.