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A 10-Point Plan for Homes (Without Being Overwhelmed)

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. Renting may not be wrong in general, but for some people, the means is like throwing your money away by putting your money into the pocket of the landlord and you gain nothing, instead of paying to own 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. 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. Be informed that to start getting your own property, you would need to place 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. And of course, the lower the amount of the place you are looking at, the lower your deposit will be. 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. After paying your rent and other bills, put whatever you can in your savings, and sooner you will reach what you are aiming for.

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.

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.

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