6 Tips for Saving for a Down Payment

(Photo by Christopher Furlong/Getty Images)

Source: Christopher Furlong/Getty Images

After years of renting, you’re ready to take the leap into homeownership. But before you start mentally decorating your new rooms, you need to save for a down payment, which is typically about 20 percent of the home’s cost. It’s by no means a quick and easy feat, but if you’re willing to get a bit creative with it, it may be more attainable than you think. Here are six unique ways to save for a down payment on a house.

1. Monetize your hobbies

No matter what your talents may be, there’s often a way for you to profit from them. Think about it like this: It’s called a talent because not everybody can do it. That means there are people out there who are most likely willing to pay you for your skills, according to Forbes. If you’re a crafty DIYer, it may be time to take your talents to Etsy, a community marketplace that lets you set up an online store. This is a great way to make some cash for anyone who is into woodworking, knitting, sewing or graphic design.

Not a crafter? No problem. Consider Taskrabbit, a website that hires you to do household chores and errands for people in your community. You’d be surprised at some of the tasks, including putting together furniture, shopping and pet sitting, per Forbes. You’d be shocked at how quickly you can earn money just by doing other people’s chores. And, of course, there’s the ever-popular eBay, a great source for listing and selling just about anything.

You can also offer your talents in the form of tutoring. Are you exceptional at a certain subject? Are you an artist who is willing to help beginners get their start? If so, market yourself locally by placing posters around school campuses or through social media.