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Sunday, September 24, 2023

Iowa Real Estate: How To Save Money on Your Home


There’s more than corn in Iowa. Houses are awaiting you. While the state’s known for its corn and farmland, it has much more to offer.

In an increasingly volatile and overpriced housing market, Iowa can be your future high-value home. Iowa real estate is a valuable asset. It provides much more bang for your buck than in many other parts of the country.

Keep reading to see how you can save money on your next home by buying in the Hawkeye State.

The Finest Iowa Real Estate

Iowa can fall under the radar compared to other states, but that doesn’t mean it has any less to offer. This beautiful, natural paradise has homes that are just as good-looking as Iowa’s untouched scenery.

Saving money on a home in Iowa starts with, well, saving money. Although houses may be cheaper there, they still cost a significant amount.

The first step to buying a home there is determining how much to save for your down payment. You don’t have to pay 20% down.

You could potentially pay as little as 3% down. With a VA or USDA loan, you can buy a home without any down payment.

If you close on a house with less than 20% down, you may have to pay for private mortgage insurance (PMI). If you default on your loan, PMI protects the mortgage investor and lender.

This company can help you get a loan.

Buying in Iowa

Saving up for a home doesn’t have to be a near-impossible endeavor. Take little steps toward buying that dream Iowa home.

Design a budget that minimizes discretionary expenses on restaurants, entertainment, etc. A budgeting app can automate the process for you.

Find room in your budget to put a certain figure away for your down payment each month. Look at your savings as a mandatory expense.

A quick way to save up is to downsize. Live below your means by reducing your expenses to save.

Downsizing reduces what you spend on necessary expenses and lets you tuck the rest away in savings. Consider moving into a smaller apartment, selling an extra vehicle, or moving to a more affordable area.

In Iowa, there’s a first-time home buyer savings account. It’s a tax-free, dedicated savings account program that lets first-time homebuyers save for closing costs and down payments tax-free.

It provides a maximum deposit of up to $2,000 ($4,000 for couples) of after-tax dollars annually. There’s a state income tax deduction for contributions to the account for those making the deposit.

Anyone can contribute to these accounts for any couple or individual. You can apply the savings in the account and any earned interest toward the construction or purchase of your first home in Iowa.

Sweet Home Iowa

Iowa real estate is hot. It’s affordable but desirable, shunning the expansiveness of other markets and the undesirability of others.

With just the right mix of countryside and cities, there’s a home for everyone in Iowa. All you have to do is save up.

Discover the keys to other major economic accomplishments in the Finance section.

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