Saving For a House? Here are 9 Investments To Save For A House and Help Your Money Grow
There are investments to save for a house that can inflate your savings and could mean you’ll be able to buy that dream home sooner rather than later.
Saving up to buy a house can feel like it takes forever. Week by week, you slowly add to your nest egg, trying to accrue enough to cover the down payment, closing costs, and any other expenses, not to mention making sure you have enough of a cushion that your home purchase won’t totally deplete your savings. It can be a long and time-consuming process. You might wonder if there’s any way to build your savings faster — and the good news is, yes, it’s possible! There are a number of investments to save for a house that can help pump up your savings account, as well as higher-yield options, which might mean you’ll be able to buy that dream home sooner than later.
We’ve investigated the ins and outs of investments to save for a house, to include everything from your garden-variety bank offerings to riskier ventures like the stock market, as well as talking to both investment experts and real estate professionals who are in the know. While you probably won’t find any “get rich quick” methods here, we did uncover a few ways to maximize your savings and potentially help your money grow.
Let’s break it down and see what might work for you when it comes to investing to save for a house!
Save thousands when buying a home
HomeLight-recommended real estate agents are top-tier negotiators who understand the market data that helps you save as much as possible when buying your dream home.
Investments via your bank or credit union
If you have a regular savings account through your bank, you probably already know that interest rates on these kinds of accounts are relatively dismal, and you won’t make much more than a few pennies per year in interest, at best. However, a savings account, even one that doesn’t earn much interest, does still benefit you as a homebuyer.
New Mexico agent Valerie Almanzar, who has more than 19 years of experience in real estate, says that buyers should remember that while regular savings accounts don’t net much interest, just the act of saving helps them qualify to buy a home, as lenders want to see that track record.
“People need to have a history of saving,” she says. “Any kind of savings account will show that history.”
