Some Guidelines in Finally Owning a Property
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.
A rental of an average two bedroom family house costs about $800 rental per month. 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.
However, families have to take note that the condition of from renting to buying can be challenging. With that precaution in mind, here are some tips to follow to help families transition themselves from renters to owners, that will make the situation a little smoother once they want to take the opportunity of owning their homes.
The first point of consideration to take for a person to own a property is to save and save for this dream. The first step to be in the property ladder is to give a deposit. On the average, you will be giving deposit around ten percent of the property you want to purchase. 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. And of course, the lower the amount of the place you are looking at, the lower your deposit will be. It is thus important to make your savings easy by putting a family budget and have everybody sticks to it. 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.
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. Getting a mortgage may be hard to get especially if you have a bad credit and do not have enough income. This does not need to discourage you since you can try other companies if you are not successful the first time you apply.
When you have secured the financial aspect of your goal, your next step is to search for the house you like, but you need not rush your handing in of your notice to vacate your rent.