• Renters

6 Ways to Save For a Home Purchase While Renting

March 04, 2022

Do you dream of owning a home of your own? Do you crave the freedom of decorating with wild colors, building a patio, hanging curtains, and making a dog run for your fur baby? Many renters would rather own their home but feel stuck. Well, Home Is Possible is here to help (Are we always?). Here are some budget strategies to help move you from renter to homeowner:

1. Create a monthly budget – Monthly budgets are one of the best ways to organize and make sure that your spending habits are in check. You can start by organizing every monthly expense into its own category (i.e. rent, entertainment, groceries, utilities etc.) and setting a limit for each in order to meet your savings goals.

2. Get a roommate – Consider living somewhere that has enough space for two. Getting a roommate is one of the easiest ways to save big on your living expenses. If you can get past sharing living spaces with another person, having roommate can cut your bills in half (or more depending on how many roommates you have!).

3. Reach out to your landlord - See if there's any way to save on monthly rent by pitching in on the yard work or fixing things around the house. Find out if contributing to property upkeep would entitle you to a decrease in your rent payment. Each landlord is different, but if you don't ask, you’ll never know.

4. Set up automatic payments – Late fees can be costly and can throw off your budget. Automatic payments are convenient and staying on track can help improve your credit score. 

5. Sign a long-term lease – Vacancies are a landlord’s worst nightmare. If you can make a longer commitment, signing a longer-term lease might reduce your rent.

6. Start working with a lender - start working with a lender (find a lender here!)  right away to see what you may qualify for, how much you need to save, and which Home Is Possible program you can potentially use for down payment assistance. You may very well be eligible.

When you’re ready to get started, Home Is Possible has resources to help, including HIP-qualified real estate agents and lenders, and a FREE online homebuyer education program. Don’t wait to start building the future you want – and that deluxe custom doghouse.

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