Yes we have seen campaigns in the past where individuals have tried to crowdfund the entire amount for a new home. But now there is a new wave of crowdfunding and new platforms as well. Mortgage lenders allowing you to crowdfund the down payment on the new home. Through gifts and donations on campaigns. Many millennials just don’t have the money available, swarmed in debt and high home prices, it can prove quite challenging to make a purchase. But now new platforms, want the public to buy into the stories of people crowdfunding. As well family and friends to rally around your campaigns.
You may ask if it’s entirely possible to raise this kind of money purely through gifts. If you look at the past scenarios were younger people have been buying homes, in many cases they have been gifted or lent money by their close family and friends. So crowdfunding can surely work, if done properly through individual campaigns. Down payments continue to represent a major obstacle to home ownership for many Americans. Sometimes it can be a huge hurdle to overcome for many young people. That’s why these platforms are stepping in now, many sponsored by lenders themselves. Trying to get more people to make an effort into a new home purchase.
How would you go about a successful campaign? There are some tips online, but you may need to go through a more specialised platform to do it. Just like in any crowdfunding campaign you will need support and big effort in promoting your campaign. Through social media, and channel feeds that you can engage. Getting strangers to donate will be no easy task. But crafting the right story and pointing out all the reasons can go a long ways towards success. Then combining friends, any family relatives can also boost your campaign further.