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Finding Similarities Between Resources and Life

How to be Able to Own Your Home Instead of Renting

The percentage of families in the US who owns the house they are living in is 63%, while the rest of 37% of families are still renting the place they live in from their landlords. 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.

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.

On the other hand, you should know that it is not going to be easy in transitioning from renting to buying situation. 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. And so, if the price range of the home you are checking out is around $300,000, you would be needing $30,000 as your deposit. In other words, if you choose a cheaper place, you will need also a smaller deposit. 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. After paying your rent and other bills, put whatever you can in your savings, and sooner you will reach what you are aiming for.

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. If you are not successful the first time around, do not be discourage with it but instead try other companies.

The next step to acquire your property, as soon as you have made sure of the financial side , is to go on house hunting, but at the same time you need not rush in handing over your notice to your landlord.