Saving for a Down Payment

Saving for a down payment takes major commitment. It can be difficult to find ways in your current budget to make cuts, but with a little bit of discipline and the support of your spouse and family, you can get it done. Here are ten tips we collected from our experts here at Faber Homes:

 

1. If it’s just you, or you and your spouse, consider moving in with family for a couple years.
2. Not a fan of living with your in-laws? Find a less expensive, one bedroom apartment. You’ll give up a bit of space, but smaller apartments are generally less expensive.
1. Are you living in the western-Rochester area? Consider building with Faber Homes and we’ll set you up with an updated apartment in Chili. We incentivize renters for each year they reside in our Blueberry Apartments with cash towards your brand new Faber Home.
3. Have a couple extra hours to spare during the evenings or weekends? Picking up a second job for a short period of time can really you help save cash quickly. Consider picking up a shift at Home Depot or Lowes, so when you’re ready to build, you can also enjoy an employee discount for furnishings!
4. Do you really need that extra outfit? Probably not. You also don’t need to eat out as often as you are now. Cutting back on these expenditures can really go a long way.
5. If you’re contributing to your 401K at work, consider scaling back a percent or two just while you’re saving. Instead, boost contributions to your IRA. The first-home exemption rule allows individuals to use up to $10,000 in IRA funds toward the purchase of a first home without incurring the 10 percent early withdrawal penalty.
6. Open a separate savings account. This will help you track your savings toward this one, specific goal.
7. Paying off debts is definitely a good thing, but if you can spare that extra monthly payment towards your balances, toss that money into your new savings account until you have enough for a down payment. Then go back to paying off those debts.
8. Inherited money and tax returns should go straight into savings accounts to earn interest. Keep those dollars out of sight so you aren’t tempted to use them!
9. Can you go without cable, Internet, or perhaps a smartphone that requires a data plan?
10. Don’t rule out going without a car for a year or two. It might seem drastic, but it will save you thousands. If you have two cars, consider making due with one.

These are our top ten tips for saving money for a down payment. Do you have any others to share that are working for you?

Henrietta Highlights

Considering moving to Henrietta? Home to every major retail store and restaurant you could possibly need, Henrietta is also home to fabulous schools, churches, community centers and more. If you build with Faber in our growing Berkshire Park development, here’s a quick list of some nearby amenities.

 

Shopping & Dining

Applebee’s

Ashley Furniture

Babies R Us

Bed Bath & Beyond

Best Buy

Buy Buy Baby

Carrabba’s Italian Grill

Chipotle

Christmas Tree Shops
Dairy Queen

DiBella’s

Dicks Sporting Goods

Famous Footwear

Golf Galaxy

Home Depot

Kohls

Lowes

MacGreggor’s

McDonalds

Mighty Taco

Olive Garden

Palmer’s Food Market

Peppermints

Petsmart

Red Lobster

Red Robin

Taco Bell

Target

Texas Roadhouse

Tops

Ulta Beauty

Wegmans

Wendy’s

Worship

Henrietta United Church of Christ

Good Sheperd Church

Calvary Community Church

Guardian Angels Church

Pinnacle Road Baptist Church

Ridgeland Community Church

Parks & Activities

Bally Total Fitness

Bounce Aerobics

Breese Park (in Berkshire Park!)

Curves

LA Fitness

Lookup Dog Park

King’s Bend Park

Planet Fitness

Tinker Nature Park

Veteran’s Memorial Park

Media Room Must Haves

It’s the room in your house for relaxing, dishing up some popcorn and watching movies. Some may call it a man cave, others: a family room. No matter what you call it, every home needs a comfy media room. So get ready to design… here are some tips to make your perfect media room.

 Photo Cred: homeit.com

For basement entertaining, consider light-colored flooring like laminate wood or vinyl. This will help brighten up the space void of natural light, and make the room look larger. For a more masculine look, paint the walls a dark blue, grey, green or even red.

A variety of seating options will allow you to move things around and constantly update your space. Couches for lounging, bean bag chairs for tossing around, and even high-top tables for cocktail parties or watching the football game.

Lighting is another important feature to consider. If you have low-hanging ceilings, consider building fluorescent lights into the paneling, or even track lighting for a more modern look. For taller ceilings, tray lighting can add a special ambiance.

If you’re going for a movie theatre-inspired room, opt for dark furniture, blackout lights, and red window treatments. While a 60-inch television is everyone’s wish, high definition projectors (onto a white wall) can be a better alternative. Toss a starry-night sky mural on the ceiling, a popcorn machine in the corner, and movie posters on the walls and you’re in business.

Don’t forget the kids. Without a designated play area in your home, toys and games tend to pile up everywhere, so square off a section for the kids and keep everything away and tidy so you can enjoy your media room space. 

Garage Cleanup

They tend to become a catch-all in our homes for our miscellaneous items. No, not the basement, we’re talking about the garage. Does your garage need an overhaul? Here are some tips to help you reclaim your garage space and restore functionality.

1. Set aside time. It’s hard to find time for daunting tasks (especially those that likely contain dirt and bugs). If you can find a weekend to dedicate to the task, you’ll thank yourself in the weeks and months to come. Aim for a dry weekend and allow yourself the garage space and driveway to sort all of your items.

2. Group and label. Sorting in the following categories will help you see what can be stored elsewhere in your home: recycling, sports, automotive, seasonal décor, gardening gear, tools, and other equipment.

3. Dump or donate. If you haven’t used it in a year (discounting holiday items), you probably don’t need it taking up space in your home or your garage. Unsalvageable items can find a new home in a dumpster, while surplus items can be donated to a charity. Give AMVETS a call if you have a load ready to be picked up, or research other charitable organizations in need.

4. Determine a layout. Designate areas in your garage for certain functions. One area should be devoted to recreation, another to lawn maintenance, perhaps another for tools. Seasonal items stored in bins should be stored above everyday items on shelves so they are visible yet out of the way.

5. Storage storage storage. Invest in shelving and containers that allow you to label and see the contents within. Oftentimes, we purchase new items to replace those we think we’ve lost or misplaced. Being able to see your entire inventory will prevent such purchases. If you can hang it, hang it and keep it off the ground where it will collect dust and likely become part of a pile.

Don’t forget to keep your garage clean. A tidy garage that is swept monthly will aid in preventing unwanted clutter from gathering. Do you have other tips to share on keeping your garage clean? Share them in the comments here!

Top 5 Mortgage Mistakes

Securing a mortgage can be a bumpy road. Not every borrower’s path is the same, but generally speaking, there are a few key mistakes made by homeowners that can be avoided. Here are five of the most common mistakes:

Not checking credit reports. Waiting until you apply for a mortgage to check your credit can be a deal breaker. Credit report errors happen all the time, but you do have the ability to correct errors and increase your score, which will help you secure a lower, more favorable interest rate.

Waiting for the lowest rate. Mortgage rates fluctuate all the time, and my borrowers wait for rates to hit “bottom” before making a move. Unfortunately, interest rates continue to be on an upward trend, and more than likely the market’s “bottom” can only be realized after the fact.

Failing to lock in a rate. Once you’ve seen a rate that is most favorable, a huge mistake is not locking in that rate. Timing is very important, especially if you’re building a home. 

Mis-truths. False statements on mortgage applications can come back to bite you, to the tune of jail time, a $1 million fine (or both), and a completely ruined credit score (as if it matters at that point). Quite simply: don’t do it.

Lastly - going in blind. There are a lot of costs involved in finalizing a home purchase. Above just the annual percentage rate (including actual interest and any additional costs), you may also incur closing costs, commissions, points and other fees that may not be included in the mortgage.

Do your homework, and work with Faber’s experienced professionals who will help walk you through the process.

Party Ready Kitchens

It’s where you cook meals and gather with family and friends. Especially in open-concept layouts like those you’ll find in every Faber Home, kitchens can be designed with entertainment in mind. So where do you start when designing the space?

  Islands and peninsulas not only create approachable areas for gathering, they also provide additional counter space and storage space. Toss a few bar stools on one side and you have a space perfect for simultaneous food prep and conversation. This allows you the space to cook and clean up while still entertaining your guests.

Tall cabinets offer lots of storage for entertaining. It’s a pain to walk to different areas of the house to retrieve platters, trays and other serving essentials. Ample cabinet space will keep everything within grasp, which is not only convenient for your party, but for cleanup afterwards.

Organizing the contents of your kitchen will also assist in hosting the perfect party. Designate areas each for food prep, cleaning and storage, and cooking. Having enough space between cabinets and tables/counter spaces will ensure easy traffic flow (because there’s nothing worse than people running into you when you’re pulling a hot pan out of the oven!).

The big game is on and you just can’t stand to miss it, yet the television is in the living room out of sight. Never fear: install a hanging television or a unit that pop up from underneath your countertop. Not only will this keep your mind at ease while everyone else gets to enjoy the occasion, but it will encourage company while you cook and dine.

If you don’t have a particularly large kitchen space, that’s still OK. Building “garages” for your appliances can free up much needed counter space. Have a clunky knife block? Why not install a drop-in knife block that becomes part of your counter. Not using your range or sink? Design countertops a couple inches higher so you can slide in a custom-fit chopping block. Workspaces can be created anywhere. Turn long drawers into pull-out counter surfaces that are perfect for buffets.

Have a unique need for your kitchen? Just ask our experienced design professionals in the Claridge Design Centre. Faber Homes will work with you to design your perfect kitchen space and get you ready to entertain.

Crowdfunded Down Payment

Crowdfunding has become a popular way to quickly raise funds for…anything. Some people have set up accounts to raise funds for weddings, vacations, new business ventures and even schooling. Would you entertain the idea of setting up a crowdfunding account to raise money for a down payment on your home? If so, here are some of the top crowdfunding websites you might consider:

Indiegogo. As one of the first crowdfunding websites in the industry, Indiegogo approves donation-based fundraising for pretty much any task, project or idea. Friends and family (or strangers) can donate using PayPal or credit cards either online or via the Indiegogo mobile application.

Crowdrise. Specifically designed for charities or causes and personal needs, Crowdrise is one of the fastest growing crowdfunding platforms. Often used for birthdays, weddings and races, it is perfectly suited for collecting donations to your personal fund.

gofundme. The personal campaigns function of gofundme connects easily to social platforms such as Facebook and Twitter, so it’s one of the most popular funding websites. The platform also lets you send thank you notes to those who help you out.

Do you have experience with other reputable crowdfunding websites? Share them in the comments below.