According to new research from RealtyTrac, saving enough money for a down payment—typically 20 percent— could take as long as 12 years for first-time homebuyers. Based on median home prices and the current personal savings rate of 5.6 percent, buyers would need to wait until they're 42 years old to purchase a home. 

Saving 20 percent for your first Wilmington, Delaware home can be overwhelming, especially when you have additional debt from credit cards or student loans. However, there are other ways to help you save up to buy Wilmington real estate. 

Consider these 4 easy ways to save for a down payment and if you're still feeling uncertain about buying a home, contact the KG Home Team! We're happy to answer your questions and even offer FREE first-time homebuyer seminars!

​Shop around for better rates
With expenses like car insurance, renter's insurance, cable, internet and a cell phone plan, the costs can put a damper on your saving for a home. Start shopping around for better prices to bring the numbers down. Simply switching to a new provider could help you save hundreds more per month.

Monitor your spending
If you haven't yet, make a budget to help you pin-point your monthly costs and develop a better timeline for buying a home in the Wilmington area. Where is your money going each month? Are there places you could cut back? For instance, dining out is one expense many prospective homebuyers could stand to eliminate.

Negotiate your rent
Rent is likely the largest expense you have per month and the one that would allow you to save more for a down payment. If you're in good standing as a tenant, consider speaking to your landlord about lowering your rent or perhaps downsize to a smaller apartment and deposit the difference in rent into your savings account.

Negotiate your student loan payments
Depending on the type of loan you have, you may be able to scale back on your payments. Speak to your lender or student loan provider about repayment options, including income-based repayment. Lowering your payment each month could allow you to save more for a Wilmington home.

The KG Home Team can help you every step of the way as a first-time homebuyer. If you have questions about down payments, mortgages or the current real estate market, do not hesitate to contact us!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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