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.
It would costs you around $800 every month to rent an average two bedroom family home. Thus, with this condition, an average of $9,600 per year is being thrown by the renter to the pocket of the landlord. Some people view this as plenty of money wasted each month, and thus many families would look into buying a property of their own instead of renting the property.
On the other hand, you should know that it is not going to be easy in transitioning from renting to buying situation. In order to offer families with a smoother transition from renting to owning their homes, there are some guidelines to follow so they can take the leap of owning their properties.
Saving for the property you want to own is the first step for you to be able to buy your property. 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. 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. 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.
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. Be aware that if you have bad credit rating and do not have good income, getting a mortgage may be difficult. But do not let the situation put you off because there are other companies that you can try again.
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.