Buying a Home as a Self-Employed Personal Trainer: Tips and Tricks for a Happy Life

By: Eric Leider, CFP Ⓡ, RLP Ⓡ, BFA ™️

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By: Eric Leider, CFP Ⓡ, RLP Ⓡ, BFA ™️

April 5, 2023

Buying a Home as a Self-Employed Personal Trainer: Tips and Tricks for a Happy Life


Buying a home as a self-employed personal trainer can be a daunting financial goal. Let’s help you overcome this obstacle!

Are you a self-employed personal trainer who dreams of owning your own home?

Congratulations! It’s a big step, but also a rewarding one. As a personal trainer, you understand the importance of setting goals and following through with them. Owning a home is no different.

However, the process of buying a home as a self-employed individual can be a bit more complicated than for those who have traditional employment. Fear not, though. In this article, we will discuss some tips and tricks that will help you make a successful and stress-free transition from renter to homeowner.

Getting Your Finances In Order

Buying a home requires a significant investment, so it’s essential to have your finances in order before you start house hunting. As a self-employed personal trainer, you might have an irregular income, making it even more crucial to budget and plan accordingly.

Here are some tips for getting your finances in order:

  1. Create A Budget: Make a detailed list of your monthly expenses and income to see where your money goes. Cut back on unnecessary expenses and prioritize your savings. We recently wrote an article titled, ‘Budgeting As A Personal Trainer: How To Manage Your Finances Like A Pro‘. Take a read if you need more guidance on creating a budget.
  2. Pay Off Your Debts: It’s essential to have a good credit score to qualify for a mortgage. Pay off any debts and ensure that your credit score is in good shape.
  3. Save For A Down Payment: Most lenders require a down payment of at least 20% of the home’s purchase price. As a self-employed individual, it might take longer to save up for a down payment, so start saving as early as possible.
  4. Keep Your Records Organized: As a self-employed individual, you will need to provide additional documentation to prove your income. Keep your financial records organized, including bank statements, tax returns, and any other relevant documents.

Finding The Right Home

Finding the right home is the most exciting part of the home buying process. As a self-employed personal trainer, you might have unique needs and preferences. Here are some things to consider when house hunting:

  1. Location: Consider the location of the home. Is it in a convenient location for your clients? Is it in a safe neighborhood? Does it provide easy access to outdoor activities like hiking or biking?
  2. Space: Consider how much space you need for your business and personal life. Do you need a dedicated space for a home gym or studio?
  3. Outdoor Space: Do you value having access to outdoor space? Would you like a large backyard, a balcony, or a rooftop terrace to host outdoor workouts?
  4. Natural Living: Do you value living close to nature? Do you want a garden or prefer living in a more rural setting?
  5. Travel: Do you value travel? Do you want to be close to an airport or public transportation?

Financing Options For Self-Employed Personal Trainers

As a self-employed individual, you might have a harder time securing a mortgage than someone with traditional employment. However, there are several financing options available for self-employed individuals. Here are some options to consider:

  1. Bank Statement Loans: Bank statement loans are based on your bank statements instead of tax returns. This option can be helpful if you have a high income but don’t have consistent documentation.
  2. Self-Employed Mortgages: Self-employed mortgages are designed specifically for self-employed individuals. These mortgages consider your business’s income and can be a good option if you have a stable income.
  3. FHA Loans: FHA loans are backed by the Federal Housing Administration and are available to all types of borrowers, including self-employed individuals. These loans require a lower down payment but have stricter requirements.
  4. Conventional Mortgages: Conventional mortgages are backed by Fannie Mae or Freddie Mac and have stricter requirements than FHA loans but can be a good option if you have a stable income and a good credit score.

Staying Healthy And Happy In Your New Home

As a self-employed personal trainer, you understand the importance of a healthy and happy lifestyle. When you move into your new home, it’s essential to prioritize your physical and mental health to ensure a happy life. Here are some tips to help you stay healthy and happy in your new home:

  1. Create a home gym or studio: Having a dedicated space for your workouts or training sessions can help you stay on track with your fitness goals.
  2. Prioritize natural living: Consider incorporating natural elements into your home, such as plants or natural materials. This can help you feel more connected to nature and improve your overall well being.
  3. Take advantage of outdoor space: If you have access to outdoor space, take advantage of it. Go for a walk, run, or hike to enjoy the fresh air and sunshine.
  4. Make time for travel: If you value travel, make sure to prioritize it. Set aside time and money for trips to new destinations to experience new cultures and recharge your batteries.
  5. Connect with your community: As a self-employed individual, it can be easy to isolate yourself. Make an effort to connect with your new community, whether it’s through local events or fitness classes.

Buying a home as a self-employed personal trainer requires some additional planning and consideration, but it’s entirely achievable. By getting your finances in order, finding the right home, and prioritizing your physical and mental health, you can create a happy and fulfilling life in your new home.

Remember to take the time to research your financing options and consider your unique needs and preferences. With a bit of patience and determination, you can achieve your dream of homeownership and live a healthy and happy life in your new home.

Finally, if you are also contemplating a similar debate (financial choice) and need help thinking it through, we also dive into what to do about buying vs. leasing a car here – ‘Financing vs. Leasing A Car As A Self-Employed Personal Trainer: The Ultimate Guide‘.


Additional Reads & Resources:

11 Personal Finance Tips For Personal Trainers That Are Self-Employed
Self Employed Mortgages for Personal Trainers
How To Get A Mortgage When You’re A Self-Employed Home Buyer
Self-Employed? 8 Keys to Getting Approved for a Mortgage and Buying a Home

For additional resources, you can always visit The MVMT Life Planning Blog, The Human Potential Podcast, and the Life Planning For Personal Trainers podcast.