Some Tips on How to Have Your Own Property
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. Thus, with this condition, an average of $9,600 per year is being thrown by the renter to the pocket of the landlord. 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.
On the other hand, you should know that it is not going to be easy in transitioning from renting to buying situation. 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. Placing a deposit is the first chance to be owning a property. 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. 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. 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.