It’s a big step to go from Modesto renters to Modesto home buyers. While it’s exciting but it can also be a lot more difficult than people think. Even if other bills and student loans aren’t keeping you from saving for the optimal down payment, the amount you pay in rent every month can make buying a house seem almost impossible.
Rent prices are climbing and experts say the the median price for a one bedroom apartment is over $1000 a month. With rents changing by the season and the neighborhood, it might seem like it will never be possible to control your rent payment.
But with a new focus on how to go about negotiations for your lease and apartment finding techniques, the following keys can make it a little less painful. Try to shift your perspective from “this is going to be awful” to “this is going to be worth it” and you will be surprised how the process can turn around.
Here are a few things Modesto home buyers can do to save for that down payment sooner.
Want to cut your rent in half? Get a roommate! If you have a spare bedroom or den, another person could just move right in.
Be sure you let the landlord know of your plans first because they have the right to veto a new tenant you plan to bring into the building. If you don’t have a spare room, you can find a roommate and apartment hunt together.
When your lease is up, you have the opportunity to try to renegotiate the rent with your landlord. You can show what a great tenant that you are and try to keep your rent the same or negotiate a smaller rent increase.
Staying in the same place is beneficial for you and the landlord. Moving can be expensive and your landlord doesn’t want the trouble of finding a new tenant if they already have a good one.
If rent prices are going down in your Modesto area, you could always try to get your rent lowered as well.
Know you are staying put for a while? Try to get a multiyear lease with a lower monthly rent payment.
If you want cheaper rent, lower your expectations for amenities. A doorman or pool will not bring your rent down. Look for a walkup instead of an elevator building and skip the concierge services.
Make saving fun. Treat increasing your savings account like a game instead of a bummer. Create a separate account and then give yourself a challenge to see how much you can save each week and then each month.
Just being more mindful of spending can really add to your bank account. For example, giving up something small like your lattes can add up to $8 a day!
This sounds like a dramatic solution but rents in some areas are sky high with no end in sight. If you can’t get ahead where you currently live, consider moving to a cheaper area.