{"id":32042,"date":"2020-11-09T16:43:59","date_gmt":"2020-11-10T00:43:59","guid":{"rendered":"https:\/\/www.hayden-homes.com\/?p=32042"},"modified":"2023-05-23T16:35:45","modified_gmt":"2023-05-24T00:35:45","slug":"blog-how-to-save-for-a-new-home-while-renting","status":"publish","type":"post","link":"https:\/\/www.hayden-homes.com\/blog\/blog-how-to-save-for-a-new-home-while-renting\/","title":{"rendered":"How to Save for a New Home While Renting"},"content":{"rendered":"

\"How<\/a>Are you currently renting but dream of owning your own home? You\u2019re not alone! There are a lot of benefits of owning your own home but it can feel overwhelming trying to figure out how to save.
\nHow do renters make the leap to home ownership? While the answer depends on each individual person, you can use these general tips to create a plan that can work for your situation.<\/p>\n

Determine how much you need to save<\/h2>\n

The first step to saving is knowing what your target number is. There are a lot of costs involved in buying home, one of the largest being the down payment. You may have heard that you need a 20% down payment but that isn\u2019t required. Depending on the type of mortgage you receive, you may be able to buy a home with as little as 3.5%*.
\nExplore our mortgage calculator<\/a> to play with some numbers and figure out how much of a down payment you may want to save. Mortgage calculators are a great way to estimate how much your monthly mortgage payments can be and how your down payment can affect the amount.<\/p>\n

Review your budget<\/h2>\n

You can\u2019t plan for the future without knowing where you\u2019re at now. Once you\u2019ve set your target savings amount, its time to review your budget to see where your money is currently going and identify areas you can cut back.
\nIt can sometimes feel impossible to save money without feeling deprived but by looking at your budget, you may be able to find ways to save money while still enjoying your daily coffee shop visit. If you\u2019ve never created a budget before, the 50\/30\/20 budget<\/a> plan is an easy place to start.<\/p>\n

Set a realistic savings goal<\/h2>\n

Keep your ambition in check when creating a savings goal. You may want to fast track your nest egg and set aside a large amount each month, but if you find it difficult to consistently set aside that large amount, you may end up more discouraged. Instead, choose a sustainable savings amount you know you can meet each month. It may mean being a renter a little longer but your finances and well-being will be in a much better state.<\/p>\n

Reduce spending<\/h2>\n

Find realistic ways to cut back on spending and discretionary purchases. While going without heat during the winter may save you plenty of money, trying to survive a Northwestern winter without heat is miserable! Instead, consider opting out of cable to a streaming service. You can look for an affordable apartment or take on a roommate to help with the costs. Take a close look at your expenses and see if you\u2019re paying for services you no longer use. Cancel the service and reroute that money towards your savings!<\/p>\n

Pay down debt<\/h2>\n

One of the best ways to free up money for savings is dealing with high-interest debt like credit cards. Find a repayment plan that helps you tackle your debt as quickly as possible. Not only does paying debt increase cash flow, it also raises your credit score and balances your debt-to-income ratio, two things mortgage lenders use to determine your loan eligibility.<\/p>\n

Save windfalls<\/h2>\n

Unexpected money is always a treat so funnel those windfalls like tax returns, bonuses, or cash gifts towards your down payment fund instead of spending it. Every little bit helps and shortens your waiting time. If you get a raise, stomp out lifestyle creep by depositing the extra money into your savings and continue to live off your old income level.<\/p>\n

Automate your savings<\/h2>\n

Make saving easy by setting up automatic transfers into your savings account so you\u2019re not tempted to spend your hard-saved money.<\/p>\n

Scale back on large expenses<\/h2>\n

It may be necessary to scale back on large expenses while saving for a home. Instead of taking big vacations or giving elaborate holiday gifts, find ways to cut back on those expenses. Depending on how much you spend on vacations, consider either taking shorter and more affordable trips or skipping one for the cause. Likewise, instead of giving extravagant and expensive gifts, stick to a budget.<\/p>\n

Research down payment assistance programs<\/h2>\n

Down payment assistance programs are available to help first-time home buyers secure grants or low-interest loans. These programs are available at the federal, state, and city level so program qualifications and requirements vary. Check with the state housing authority<\/a> to find out more.<\/p>\n

Start saving for a down payment today!<\/h2>\n

Creating a solid savings plan will make home ownership is possible and within reach, even when you\u2019re renting. These tips will allow you to successfully save money while still enjoying life.
\nOnce you\u2019ve hit your down payment savings goal, visit us to learn more about our homes. Hayden Homes builds new single-family homes in Idaho, Oregon, and Washington for every stage of life. We can\u2019t wait to welcome you home!<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you currently renting but dream of owning your own home? You\u2019re not alone! There are a lot of benefits of owning your own home…<\/p>\n","protected":false},"author":2,"featured_media":32044,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[87],"tags":[],"yoast_head":"\nHow to Save for a New Home While Renting | Hayden Homes<\/title>\n<meta name=\"description\" content=\"Are you currently renting but dream of owning your own home? You\u00e2\u20ac\u2122re not alone! There are a lot of benefits of owning your own home but it can feel overwhelming trying to figure out how to save.How do renters make the leap to home ownership? While the answer depends on each individual person, you can use these general tips to create a plan that can work for your situation. 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