7 Tips for Renters Saving up for a House ...


There are plenty of practical tips for renters saving up to buy their first place. Home ownership is a wonderful goal but getting the keys to a new house can be costly. There’s a down payment and closing costs, and both items can cost as much as 5% of the purchase price. The financial pressures of buying a home are real, but here are seven tips for renters saving up for a house.

1. Don’t Jump into a New Car Payment

One of the best tips for renters is to not jump into a new car payment or any ongoing large monthly expense. Since you’ll need to save a hefty chunk of change to buy your first place, you need as much extra income as possible. If possible, delay any new car purchases until after you close on a home. The less you spend each month, the easier it'll be to save up.

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