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February 15, 2023

The 6 Best Ways to Save for a House While Renting

If you're renting now and thinking about renting again, hold up! Before you sign that lease, consider an alternative. Instead of shelling out more money on rent, why not start saving up to buy your own place? Trust us, it's a better investment in the long run. And to help you get there, we've got a great post on saving for a new home while still renting. So, take a break from picking out that new house from Hyde Homes and check it out!

Understand Your Budget and Get Frugal

It is a perfect time of your life to become a cheapskate when saving up for a new home. Seeing how much money you can save when you cut back on certain things is incredible. Part of this strategy is diving into your current spending to see what you could cut back on. Are you paying for too many streaming subscriptions? Do you find you are eating out at restaurants too much? You might even discover you're paying too much for your energy bill. Get familiar with your spending habits and find ways to reduce spending as much as possible.

Calculator on Top of a Budget Sheet

Find Yourself a Roommate

People like adding loved ones or friends to their phone plans to cut their bills. This very same cost-cutting measure can also apply to your rent! Try finding yourself a roommate you can shack up with, and you'll find that you can cut your rent bill in half. Of course, the more people you can get as roommates, the lower your monthly payment will be. Just make sure they're cool because if they aren't, it could significantly affect your mental health.

Side Jobs Rule

Work can stink sometimes, and we completely understand if you saw the headline and thought, "why would I want to work even more"? We suggest finding an excellent side hustle worth your time and fun! If you like sports, try becoming a scorekeeper or referee. Like to stroll around town in your car and discover new areas? Then look into becoming a driver for Uber or DoorDash. The possibilities are endless.

Start Negotiating Your Current Lease

This entry might be tricky since you are asking your landlord if you can pay less on your lease, and you might find that it'll go over as well as a hammer to the head. However, to quote Michael Scott from The Office, who quoted Wayne Gretzky, "you miss one hundred percent of the shots you don't take." Some landlords will be fine with lowering your lease if you've done your fair share to upkeep the property. 

Look Into Financing Options

If you are looking to buy, you will undoubtedly want to find out how you'll be able to pay and the exact amount you should save. This is where seeking the assistance of a home financier comes into play, as they'll help you understand how much you can afford. It also helps to get pre-approved for a home as it could help determine if you're ready to buy or need to save more money.

Two People With Laptops Discussing Financing Options.

Take Your Credit Score to the Next Level

It seems that all Alabama home builders can agree that it is next to impossible to purchase a home these days if you have a credit score similar to Texas Longhorn football. That's why it helps to boost your credit score as much as possible. You can accomplish this by paying your credit card bill on time every month or pulling your report once every couple of months to check for issues.

It's a tall task to purchase a home, but by incorporating these tips into your savings plan, you'll find yourself in your new haven in no time. When it comes time to purchase your new home, we want you to think of us first. At Hyde Homes, our team is dedicated, professional and always looking for new ways to exceed our customer's expectations. We provide an unmatched customer experience by having experts on hand at each step - from offering advice about what home style suits you best to helping you choose the color of your new home! So when you're ready, feel free to reach out to us.

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