Rising rental costs may make it seem impossible to prepare for homeownership if you’re a renter. But the truth is, there are ways you can – and should – prepare to purchase your first home. Here’s some expert advice on what to do if you’re ready to learn more about how to escape rising rents.
>>Start Saving – Even Small Amounts – Now As Cindy Zuniga-Sanchez, Founder of Zero-Based Budget Coaching LLC, says. “I recommend saving for a home in a ‘sinking fund’ . . . . This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense.” Zuniga-Sanchez adds saving in smaller increments can help make a large goal – such as saving for a down payment –achievable.