Living the dream of owning your own home doesn’t happen for everyone. This might be due to lack of funds, not wanting to stay in one place forever and travel the world, or simply something that the person has never thought of taking on. If you’re thinking about the possibility of owning your own home, but feel like it’s too far out of reach then you’re in luck. In this article is going to be some ways in which you can make the transition from renting to owning.
Save
Starting with the obvious plan of action, the best way to achieve buying your own property would be to save money until you have enough for a deposit. However, this situation isn’t ideal for everyone, especially if you’re on a low income, have a family to feed, and already have other bills to concentrate on. It’s not unachievable still, simply putting whatever you can afford away into a high interest savings account each month will soon mount up; therefore allowing you to save for a deposit on a property and always know that you’ve got back up cash if the need arises.
Mortgage broker
A slightly more unusual route to go down would be to approach a mortgage lender. This is because unlike banks, mortgage brokers set up a plan to suit your personal needs and can get you the cash you need much quicker. The interest rate is still high, but the repayments are all included in an affordable plan set between you and the mortgage broker. Read the information from fastfunding.com.au to see how going down this route might be the best option for you.
Remember not to lend any money unless you’re sure that you will be able to make repayments, otherwise you could land yourself in a lot of debt.
Part buy part rent
A scheme that many countries and cities are bringing into play is a part buy part rent scheme. This is so people who are looking to buy a property but cannot afford a large deposit can still get themselves on the property ladder. Usually housing associations offer this kind of plan. You will own a percentage of the property and pay back the mortgage side of it through higher rent than normal. Once you have bought your percentage you can choose to sell it back or buy the rest of the property.
So if you can afford higher rent so that you can get yourself on the property ladder, this might be the right path for you to go down. Remember that if you can’t afford the rent and mortgage you could risk losing your property, so it’s not a decision that should be taken lightly.
Try one of these three ideas and see for yourself how easy it is to make the transition from renting to owning. Enjoy your new home and being a proud homeowner!
