Real Estate News

Easy Ways to Make Some Extra Cash for Your Down Payment


Written By: Jaymi Naciri
Monday, August 5, 2019

Being able to buy a home now or having to hit pause often comes down to how much money you have saved for a down payment and closing costs. If your savings account is a little light, there are several easy ways you can pump it up to get you over the hump.

Get a side hustle as a driver

With companies like Lyft and Uber, itrsquo;s never been easier to make a little money on the side.nbsp;ldquo;Ubernbsp;claims that theirnbsp;driversnbsp;take home 25 per hour and Lyft claims thatnbsp;driversnbsp;can earn asnbsp;muchnbsp;as 35 per hour,rdquo; said Ridester.

Sell some stuff

You can always go the garage sale route, but beware that while you may make some decent money cumulatively, bargain-seekers will be looking for major deals, which can mean selling that 200 dress for a dollar. Put it on Craigslist, eBay, or Facebook Marketplace instead for a better upside.nbsp;

Have any designer bags, belts, or clothes you no longer need? There are several sites that can help you turn them into dollars.

Play with doggies

Sites like Rover.com have made it easy to find a dog walker or dog sitter, or to BE a dog walker or dog sitter. Pet sitting is a huge growth industry, and that means there is a substantial need for this type of service.nbsp;

The best part is you get to hang out with dogs, and get paid for it. ldquo;If younbsp;love animals and would likenbsp;a way to earn some extra money on the side, pet sitting might just be the perfect fit for you,rdquo; said The Simple Dollar. ldquo;After all, no extensive training or certifications are required. The main qualifications to be a pet sitter arenbsp;simply loving animals, being >

According to the site, ldquo;Sitters that treat Rover like a part-time job and take two or threenbsp;dogs for two weeks out of the month earn an average of 1,000 per month. Meanwhile, those that treat Rover like a full-time job, working 4 weeks out of the month and taking 2-3 dogs at a time, earn an average of 3,300/month.rdquo;

Babysit

Maybe people are more your thing. Offer your babysitting services on Nextdoor or register on Care.com. The average hourly rate across the country is 13.49 per hour; this may not be as much as you make at your full-time job, but, as supplemental income for a few hours here and there, it can add up.nbsp;

Turn on the fan

While a ceiling fan wonrsquo;t lower the temperature in your home, it circulates the air to make the space feel more comfortable. That means you can give your air conditioning a break to save a few bucks. Every little bit helps

Comparison shop for car insurance

Are you the type that sticks with the same company year after year and doesnrsquo;t think twice about looking around? Wersquo;re guilty of that over here, too. It could be costing you money.nbsp;

ldquo;Insurance companies are always competing to win your business, but if you turn a blind eye and keep the same policy in place for a long period of time, your rates might have increased,rdquo; said Your PennySaver. ldquo;By checking rates, drivers saved an average ofnbsp;531 per yearnbsp;with a new policy.rdquo;

You can load in some basic info here and get multiple quotes.nbsp;

Go through your bank statements with a fine-tooth comb

When you really look at your expenditures, yoursquo;re sure to find a bunch of ways to save money, like cutting back on eating out and limiting your Starbucks runs, for starters. You may also find some surprises in there, like gym memberships or subscriptions you thought you had cancelled but are being charged for every month.nbsp;

nbsp;

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nbsp;Down payment and closing cost funds need to be seasoned. Taking on a part time job cant be counted either as income nor available for cash as a down payment. There needs to be a two year history of Uber income. Bank statements will also show random deposits and the lender will want to know the source.nbsp;



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Updated: Monday, August 19, 2019


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