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Mar 09
Velocity at Pace Kitchen

6 Ways to Save for a New Home in the San Francisco Bay Area

Many renters in the San Francisco Bay area feel the push to save up money to buy a home as experts predict continued rent increases. According to an article by The San Francisco Business Times, the Bay Area saw the largest rent hikes in the U.S. in 2014 at about 13.5 percent. As people relocate to the Bay Area for tech jobs, the demand for housing remains fierce. Meanwhile, economists predict mortgage rates will start to climb. First-time homebuyers often save up for a new home, but so do repeat buyers. If you are selling your home in a less affluent city to relocate to San Francisco, you might also need to save up extra money for a down payment depending on the equity in your home.

It’s not difficult to save for a new home in the San Francisco Bay area if you are motivated. By sitting down with a new home builder in Northern California such as Trumark Homes you can figure out a budget. Many buyers gravitate to new construction so they don’t have to worry about renovation and repairs after they move in.

  • Reduce your major expenses

According to the real estate website Zillow.com, one simple way to save up a lot of money for a down payment is to slash your largest expense. For most people, that means finding a way to drop your rent. Moving in with a roommate, downsizing or staying with family as you save up for a home can translate into tens of thousands in savings. Ask a relative or friend if you can do some work for them in lieu of rent until you can save up for your new home.

  • Automate your savings

Another easy way to save extra money to buy a home is to set up an automated savings plan. After touring new model homes and getting pre-qualified for a mortgage, figure out how much money you need to save each month. Buying a new construction home can give you some extra time to save, depending on the timeline for construction.

  • Stash tax refunds

Instead of spending cash windfalls such as tax refunds, rebates and small inheritances, funnel unexpected money into a new home savings account. Experts say it’s best to keep money for a down payment that you’ll need soon in a conservative, safe account as opposed to investing in stocks or risky investments.

  • Suspend other savings goals

Because buying a home is a major investment for the future, some people temporarily suspend making contributions for retirement until they get settled in a new home. On the other hand, don’t give up a company match to a 401(k) since that’s free money. If necessary, you borrow a small amount from your 401(k) in a dire situation.

  • Ask for what you want

Experts say a lot of millennials aren’t afraid to ask their parents or grandparents for help with a down payment on a new home. Older people, though, may feel somewhat embarrassed to ask for financial help from friends or family. In 2013, about 27 percent of first-time homebuyers did receive financial gifts in order to afford a home. Be creative by asking for financial gifts instead of wedding, birthday or holiday gifts.

  • Tap a Roth IRA

Some home buyers forget they can tap their Roth IRA for a home purchase. You can take out any of the money you contributed without penalties or taxes. According to an article by Kiplinger, a first-time buyer can use $10,000 of the earnings from a Roth to buy a home without the 10 percent penalty. If you have had the Roth for 5 years or longer, you won’t have to pay taxes on the $10,000.

Living near the Silicon Valley is exciting, especially when you are a home owner. Saving up for a down payment on a home won’t take as long as you think if you know where to look and who to ask.

At Trumark Homes, we take the time to help home buyers prepare for the largest purchase of their lifetime. We are always finding vibrant new communities to develop in Northern and Southern California including progressive urban infill projects. For more information about our newest neighborhoods in the Bay Area, please contact us.

 

Mar 02
Momentum at Pace

Five Reasons Momentum at Pace in Milpitas, California

It takes a lot of thought, planning and financial stability to provide a safe, comfortable home for your family. One of the best places to live, bar none, is the Momentum at Pace development in Milpitas, California. Not only are the homes beautiful, but the development is located close to everything that your family could want or need.

Incredible Homes

Every home at Momentum at Pace is designed for the ultimate in livability. Choose from two unique plans offering either 3 or 4 bedrooms, 3.5 bathrooms and a two-car attached garage. With new, single-family detached homes offering 2,250 to 2,497 square feet of living space, there is plenty of room for an active, growing family. A well-equipped kitchen including amenities such as stainless steel appliances, maple cabinets and granite counter tops is also standard fare. Not only that, but every home is also pre-wired for internet, satellite and telephone service. Energy saving features include a tankless water heater and radiant barrier roof sheathing.

A Beautiful Climate

One of the best things about living in Milpitas is the Mediterranean climate. There are very few places in the country that can compare when it comes to the weather. This is especially great for those that love to get outdoors and play. You won’t need a winter coat because it’s sunny and warm nearly year-round. You’ll have endless opportunities to be able to get out and enjoy everything the community has to offer. Check out today’s weather in Milpitas!

Excellent Schools

One of the major concerns that younger families have is the quality of the schools that serve the neighborhood. The good news is, there are nine elementary schools, two middle schools and two high schools in the city. There is a diverse student body, which reflects the population of the city. What’s more, some of the schools within the district have been increasing their Academic Performance Index (API) scores over the last couple of years. Out of a possible 1,000 points, the school district as a whole scores in the high 850’s and are constantly working on ways to provide improved educational opportunities for students.

Community Activities

Milpitas offers a huge variety of fun activities for people of all ages. The city maintains thirty-one community parks, a dog park and twenty-four tennis courts. The city also offers residents a plethora of recreational opportunities, including aquatics and  sports leagues, as well as a variety of youth programming. The area’s vibrant cultural and arts venues are a major draw. In fact, Money Magazine ranks Milpitas at number 29 out of 50 of the best places in the country to live.

Career Opportunities

If you work in technology, you’ll fit right in. Just moments away from Silicon Valley, the city of Milpitas has many residents who are employed in the industry. Many such companies are headquartered in the city, including Adaptec, Linear Technology, Scandisk, and Flextronix. In addition, Cisco Systems, Lifescan, International Microsystems and similar companies have offices in the city.

At Trumark Homes, we understand that choosing a new home for your family is a big decision. It requires a great deal of thought and effort to find the perfect place. The Momentum at Pace community offers everything a young, growing family could want and more. Contact us for more information about our homes and communities. We will be more than happy to answer your questions, or schedule a viewing.