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How to Save for a Down Payment While Renting

By Mike in Buying Tips with 0 Comments

Without a doubt, the hardest part of purchasing real estate in downtown San Diego is coming up with the down payment. If you would like to buy a property in San Diego sometime in the near future, getting over that down payment hurdle is going to be your biggest challenge. With that in mind, here are ways you can save money for a down payment while still renting.

1. Live with a Roommate

This is a simple step that can have a huge impact on your finances. Rather than renting alone in San Diego, find a roommate that can pick up a portion of the rent. The money that you save by living with a roommate (or two) can be set aside for a down payment when you are ready to buy.

2. Cook More Often

In San Diego, you’ll find a delicious restaurant on almost every corner, with more springing up every month, but going out every night can really damage your budget. If you are willing to cook in more often, the savings will start to add up almost immediately.

3. Forgo the Car Payment

If you currently live in a condo in downtown San Diego and work in the area, you can probably get by without a car. While it can be scary giving up the freedom of having your own car (at least for us west coasters), forgoing car ownership can save hundreds of dollars per month that you can use to buy the property of your dreams instead.

4. Work a Part-Time Job

In addition to your full-time employment, consider taking on a part-time job to raise extra money for a down payment. While working more might not sound so fabulous, if you can put up with working extra hours for now, you’ll be a San Diego property owner sooner than later.

When you’re ready to buy, we can show you condos and lofts for sale in downtown San Diego to fit your budget and your tastes. Cruise through our inventory online to get a feel for what’s on the market, or give us a call today at (619) 649-0368 to speak with an experienced agent. ')}