With inflation jacking up the price of groceries to gas and beyond, just about everything has become more expensive these days—and rent is no exception. If you’re currently renting and trying to cross the bridge to homeownership, try the strategies below. You might be surprised how quickly you can amass the nest egg you need.
1. Find a roommate Living alone can really cost you. Having a roomie means you’ll also benefit from splitting utilities, internet, cable, and other expenses.
2. Think small. While having extra space or rooms can feel luxurious, it can also cause you to stretch your budget. Do you really need a ton of space, or is it a want? “Not only are smaller apartments or homes typically less expensive to rent, they are also less expensive to furnish, heat and cool,” says Liersch. Also consider downsizing from what you have as a way to save money for your next down payment, closing costs, moving expenses, etc.
3. Keep an eye on your utility usage. No, we’re not suggesting you need to sweat in the summer and freeze in the winter. However, turning the temperature up or down a few degrees can actually pay off—especially since the Bureau or Labor Statistics found that the average American household spent $4,158 on utilities in 2020.
All in all, if homeownership is your end goal, you may have to compromise on certain aspects now to afford the home that you have always dreamed of! If you have more rental or real estate questions give Don Peterson & Associates a call! You can also find more information on available rentals at www.dparentals.com and active area real estate listings at www.donpeterson.com.
REALTOR® | Property Manager