Handy Hacks For Going From Renting To Owning

In the past ten years, the percent of US renters as a pose to US homeowners has significantly increased. Changes in the economy and affordability for new buyers has meant that people between the ages of 18 and 34 are more likely to rent than buy. Of all the houses in the US, a whopping 33 percent of them are occupied by renters. The fact is that today, renting is more popular than ever.

However, just because more and more people are choosing to rent over buying, that doesn’t mean that you can’t buy. Yes, going from renting to owning is hard, or at least, it can be, but that doesn’t mean that it is impossible to get a foot on the ladder, because it’s not. To make the process of going from renting to buying easier, below are some handy hacks to take note of.


Budget to save money

Paying rent each month and saving money for a deposit is not an easy task. However, it is doable; it’s just a case of going about it in the right way, that is. Sure, you could spend your life hoping for a windfall to use to purchase your first home, or you could be realistic and realize that if you want a home of your own, you will need to save up. By budgeting your funds each month, you can ensure that you have spare money available to put into your savings account for your mortgage deposit. It may not be easy adjusting to living on a smaller than normal budget, but if it means you can realize your dream of owning your own home, it’s worth it.

Look at your mortgage options

When it comes to your mortgage options, it’s important to take your time with research. Don’t make the mistake of rushing the process and going with the first option that comes your way. Instead, take the time to read up and research using resources like mortgageloans.co, for instance. The fact is if you understand exactly what your options are, how much each mortgage will cost each month and what the rates of interest will be, you can make an informed decision. Ideally, you want to opt for a mortgage that costs less each month than your rent did, so that you can put the spare funds towards the costs that come with running your own home, costs renters don’t have to think about.

Know what you want in a home

Once you have got your deposit sorted and have chosen a mortgage provider, the next step is to think about what you would like in a home. Far too many renters make the mistake of choosing a home to buy that perfectly fits their needs at the time, but it’s a better idea to think about what you will want from a home in the future, as well as right now. Say, for instance, you currently have one child, it’s worth thinking about whether you will have more in the future, and if so, picking a house that’s large enough to accommodate your larger family. Don’t just think about the size of the house, as well as the outdoor space that it has to offer. Ideally, you want a home that has lots of space inside and out, so that your kids (and pets if you have any) have all the room that they need to play.

So there you have it, a range of handy hacks for going from renting to owning. It might not always be a simple process, but if you take note of the advice above, you can make it that little bit easier for yourself.


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