How to be Able to Own Your Home Instead of Renting
In the US, the percentage of families owning their homes is 63% while those families that are still renting from landlords compose the 36% of families. It may be true that nothing is wrong in renting if that is what a person can only afford, but many people also believe that renting is a simple way of throwing away money instead of owning the property eventually by paying it every month and not just put the money in the pocket of your landlord.
It would costs you around $800 every month to rent an average two bedroom family home. With this amount, the renter is actually throwing money into the pocket of the landlord at an average of $9,600 every year. Some would look at it as a lot of funds wasted every month, and so many families are trying to buy a property rather than continuously renting a home.
However, families have to take note that the condition of from renting to buying can be challenging. Therefore, offered below are some pointers to ease one’s transition from renting to buying if the person would like to go into owning a property.
The first point of consideration to take for a person to own a property is to save and save for this dream. Be informed that to start getting your own property, you would need to place a deposit. On the average, you will be giving deposit around ten percent of the property you want to purchase. Therefore, for example you are eyeing a place that has a price range of around $300,000 you will need $30,000 as your deposit. It goes to say that the cheaper the home you are eyeing at, the smaller amount you would have to prepare as your deposit. It is thus important to make your savings easy by putting a family budget and have everybody sticks to it. It may take time to accomplish your savings but by savings whatever you can after the rent and other bills, you will reach it in time.
When you have your deposit in place, your next step is to look into home lending companies which offer terms and advice on how to get a mortgage. Take note that if you have bad credit or do not have reasonable income, it might be difficult to get a mortgage. If you are not successful the first time around, do not be discourage with it but instead try other companies.
If you are sure of the financial preparation of your goal to own a home, your next move is to go on a house hunt, without necessarily submitting your notice to your landlord.