{"id":8510,"date":"2023-05-08T10:00:00","date_gmt":"2023-05-08T14:00:00","guid":{"rendered":"https:\/\/nationalland.com\/blog\/?p=8510"},"modified":"2023-05-08T16:32:30","modified_gmt":"2023-05-08T20:32:30","slug":"saving-for-land-down-payment","status":"publish","type":"post","link":"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/","title":{"rendered":"5 Tips to Save for a Down Payment on Land"},"content":{"rendered":"\n<p>The total land surface in the US occupies&nbsp;<a href=\"https:\/\/thenaturalfarmer.org\/article\/facts-ownership-u-s-land\/?print=print\" class=\"broken_link\">about 2.3 billion acres<\/a>. Corporations and private individuals own about 60% of this land, covering about 1.4 billion acres. The federal government owns about 29% of this land, while tribal reservations sit on 2%.<\/p>\n\n\n\n<p>If your dream is to own land, you\u2019ll join the list of landowners. But before that, you\u2019ll need a down payment, typically a percentage of the parcel\u2019s value. Land loans can present a challenge since a land down payment is typically higher than a traditional home loan.<\/p>\n\n\n\n<p>It takes discipline and patience to save as you also fund other expenses such as student loans and 401(K) deductions. Fortunately, there are several creative ways of saving for a land down payment. Here is a quick guide.<\/p>\n\n\n\n<h2>1. Avoid High-Interest Debt Rates<\/h2>\n\n\n\n<p>When saving for a down payment, you should maximize the amount of money ending in your accounts. Start by paying off any high-interest debt rates, whether it\u2019s a credit card or loan from a financial institution.<\/p>\n\n\n\n<p>Once you pay the debt, don\u2019t take any soft loans. If your business relies on credit cards for mid-month restocking, go for options with the lowest interest rates.<\/p>\n\n\n\n<h2>2. A Side Gig Can Help You Raise the Down Payment<\/h2>\n\n\n\n<p>Sacrifice is what stands between living in a rental and building your own home. It&#8217;s not uncommon for Americans to work two jobs a day. However, you can go a little harder and get a side gig during weekends.<\/p>\n\n\n\n<p>Weekend gigs tend to pay better than weekday side hustles. You can turn your car into an Uber cab or rental vehicle.<\/p>\n\n\n\n<p>You can also turn your hobby, such as gymnastics, into side income. If you\u2019re an expert in any field, many people would love to consult you at a small fee. Whether online or in person, this extra income can go directly to your property down payment&nbsp;<a href=\"https:\/\/money.usnews.com\/banking\/articles\/advantages-of-an-ordinary-savings-account\" class=\"broken_link\">savings account<\/a>.<\/p>\n\n\n\n<h2>3. Live By Your Standards<\/h2>\n\n\n\n<p>Living by your standards simply translates to freezing unnecessary spending habits. You can afford it, but again, you have a bigger goal of owning land. You can start by adjusting shopping habits. For instance, if you visit Starbucks every day and order a Grande, you\u2019ll spend $4.10 on average. That translates to just under $1,500 per year and almost $7,500 in five years. It may not seem like a lot of money but combing through your finances to see what can be cut out will help you save more than you think!<\/p>\n\n\n\n<p>Alternatively, you can make major changes like moving to a more affordable home or paying off automobile debt in order to save. An expensive house will likely consume the lion\u2019s share of your earnings, which isn\u2019t a priority when saving for a down payment.<\/p>\n\n\n\n<h2>4. Liquidate Some of Your Investments<\/h2>\n\n\n\n<p>Liquidating investments to save for a property down payment doesn\u2019t make you lose anything. It\u2019s like transferring cash to another asset with better investment returns. Remember, land is a rare asset in that does not depreciate. As demand for land grows, the supply will always stay the same!<\/p>\n\n\n\n<h2>Owning Land Is A Huge Achievement<\/h2>\n\n\n\n<p>As you save for a land down payment, look for a reputable lender with a <a href=\"https:\/\/nationalland.com\/blog\/what-is-the-pre-approval-process-like-for-land-loans\/\">better understanding<\/a> of the&nbsp;current land loan rates. The lender should also have resourceful information such as future rate forecasts in the area you\u2019re planning to buy in.<\/p>\n\n\n\n<p>Owning land is a dream many people wish they could realize sooner. Now that you know how to save for a down payment, don\u2019t look back. Open a savings account and automate fixed deposits every month.<\/p>\n\n\n\n<p>If you&#8217;ve got more questions about saving for a land down payment, contact one of our <a href=\"https:\/\/nationalland.com\/real-estate-agents\">Land Professionals!<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total land surface in the US occupies&nbsp;about 2.3 billion acres. Corporations and private individuals own about 60% of this land, covering about 1.4 billion acres. The federal government owns about 29% of this land, while tribal reservations sit on 2%. If your dream is to own land, you\u2019ll join the list of landowners. But &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;5 Tips to Save for a Down Payment on Land&#8221;<\/span><\/a><\/p>\n","protected":false},"author":87,"featured_media":8513,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[747],"tags":[375,1257,965,1260,1209,1259,1258],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Tips to Save for a Down Payment on Land - National Land Realty News<\/title>\n<meta name=\"description\" content=\"Do you want to own land? 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Read here to learn more!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"National Land Realty News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nationallandrealty\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-08T14:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-08T20:32:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalland.com\/blog\/wp-content\/uploads\/2023\/03\/DownpaymentPNG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"341\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Susan Floyd\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@ThisIsYourLand\" \/>\n<meta name=\"twitter:site\" content=\"@ThisIsYourLand\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Susan Floyd\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/\"},\"author\":{\"name\":\"Susan Floyd\",\"@id\":\"https:\/\/nationalland.com\/blog\/#\/schema\/person\/acba6092e3337ccb23cd63b50a3aa56c\"},\"headline\":\"5 Tips to Save for a Down Payment on Land\",\"datePublished\":\"2023-05-08T14:00:00+00:00\",\"dateModified\":\"2023-05-08T20:32:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/\"},\"wordCount\":627,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/nationalland.com\/blog\/#organization\"},\"keywords\":[\"buying land\",\"down payment\",\"financing land\",\"land down payment\",\"land loan\",\"paying for land\",\"saving money\"],\"articleSection\":[\"Buying Land\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/\",\"url\":\"https:\/\/nationalland.com\/blog\/saving-for-land-down-payment\/\",\"name\":\"5 Tips to Save for a Down Payment on Land - National Land Realty News\",\"isPartOf\":{\"@id\":\"https:\/\/nationalland.com\/blog\/#website\"},\"datePublished\":\"2023-05-08T14:00:00+00:00\",\"dateModified\":\"2023-05-08T20:32:30+00:00\",\"description\":\"Do you want to own land? 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