How to Save $12,500 to buy a house. Don't forget the closing costs.
By Valerie Zinger, Home Organizer
(House Proud Ottawa-Ontario-Canada)
This morning there was an article in the paper about young first time homeowners needing to save at least 5% of the cost of a home purchase in order to qualify for a secured mortgage loan. Well, assuming that you, that young urban professional, can find a cute little townhouse or condo for about $250,000 then you will need $12,500. Don't forget that there will be closing costs - the legal fees, assessments, utilities, inspectors, movers (hope you have friends with a truck) etc. Now you need $17,500! Here are some ideas - the good, bad and the tongue in cheek: Get to the cheapest basic cell phone available Live at home with your parents until they can no longer stand you. Parental room and board, even if charged, is still going to be a whole lot cheaper than apartment rent. Rent ...