Making the Move from Renting to Buying

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The roof over your head is likely to be the most expensive thing you ever fork out for – this rings true whether you are renting or buying. If you are renting, your rent payments are likely to be the biggest bill in your payment calendar. If you’re buying, your mortgage payments are likely to be the biggest bill you have coming out each month. Now, there are perks to renting a property. If you’re unsure where you want to settle, if you feel you may need to move for work or other commitments, or if you simply aren’t ready to settle down, renting is great. But if you have kids, chances are that you want to stay in the same property for the foreseeable future – for the sake of their settlement and sticking with the same schools, friendship groups, and clubs. In this situation, buying is logically preferable. After all, if you’re paying out a large sum of money each month, you might as well be paying to keep your home, rather than paying someone else’s mortgage. So, how can you make the jump from renting to buying?

Getting a Deposit Together

The first step that you need to make is to get a deposit together. This, of course, is likely to be one of the most difficult steps in the process of getting your own home. The deposit is usually between 10 and 20 percent of the total value of the property you’re looking at.

Saving

Saving is the most straightforward way of getting your deposit together. Create a budget that covers your essentials, but leaves you with as much disposable income as possible. Then put this disposable income into a savings account. It’ll mount up faster than you’d initially expect!

Settlement

If you have some sort of outstanding amount owed by someone, you can always look into getting settlement loans. These will see you receive the outstanding sum outright, rather than having to wait for scattered or drawn out payments.

House Hunting

When you’ve got your deposit together, you can start house hunting. Begin by making a list of everything you need from your new home. You should meet your needs and your little ones’ needs here, as well as the needs of any pets you may have. Next, make a list of things you want from your new home. When viewing, make sure properties you consider tick all of the “need” list. Then you can see which property ticks the most boxes on your “want” list too! This will help to ensure that you aren’t swayed by novelties and luxuries – sacrificing essentials can make even the most novel and luxurious home unliveable.

Sure, making the move from renting to buying is going to be a relatively long and difficult task. But hopefully, the above steps should help to get your journey started in the right direction and will set you on the right path to securing the forever home of your dreams!

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