How to be Able to Own Your Home Instead of Renting
In the US, the percentage of families owning their homes is 63{a297cf9dc7a3561ea4de82dfe41a4812581d7c1162289af1e080f3bbdd650976} while those families that are still renting from landlords compose the 36{a297cf9dc7a3561ea4de82dfe41a4812581d7c1162289af1e080f3bbdd650976} of families. Many people look at renting as a simple way of throwing away one’s money even if there is nothing wrong in renting, and this is because they believe that you are just putting your money into the pocket of your landlord thus gaining nothing, instead of paying to be able to purchase the property.
The average cost of a two bedroom family home is around $800 per month in rental. 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.
Bear in mind however that the situation of renting to buying can be tricky for families concern. 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. Placing a deposit is the first chance to be owning a property. Normally, your deposit is around ten percent of the value of the home you want to buy. 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. In other words, if you choose a cheaper place, you will need also a smaller deposit. The key therefore is to have a family budget in place and make sure each member will stick to it to make your savings easier. Realize that the whole savings effort will take time, but after putting whatever you can after paying your rent and other bills, you will eventually reach your objective.
After settling your deposit, you can proceed in checking out home lending companies that offer support and advice on how a mortgage can be obtained. Take note that if you have bad credit or do not have reasonable income, it might be difficult to get a mortgage. This does not need to discourage you since you can try other companies if you are not successful the first time you apply.
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.
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