Some Tips on How to Have Your Own Property
US statistics revealed that 63% of the country’s families own their homes while 37% are still renting their homes from landlords. 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.
It would costs you around $800 every month to rent an average two bedroom family home. It would mean therefore that the renter is giving away money every year at an average of $9,600. Because some families realize that the way is a big amount of waste of money every month, thus they are serious to stop renting and instead buy a property of their own.
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 number one tip that you should consider if you want to own your home is to save, save and save for it. The first step to be in the property ladder is to give a deposit. Generally, when you look at a property, you will be giving a deposit of around ten percent of the property. Thus, a place you are interested that costs around $300,000 will make you pay a deposit of $30,000. And of course, the lower the amount of the place you are looking at, the lower your deposit will be. In order to make savings for the plan smooth and easy for the whole family, it is advisable to put a family budget and have the commitment of everybody to stick 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.
Once you have made the savings for your deposit, you can start looking into home lending companies who can offer some terms and how to go about getting a mortgage. Getting a mortgage may be hard to get especially if you have a bad credit and do not have enough income. But do not let the situation put you off because there are other companies that you can try again.
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.