According to Forbes, more than 12 million Americans spend more than half of their income paying rent. According to the 2017 data, over 43 million United States citizens live in rental properties. Over 78 million US citizens are homeowners. However, there are mixed views of people regarding stop renting and buying a home.
Many individuals are currently considering buying their first home. They are looking to stop renting start owning because mortgage rates are at an all-time low. Buying a house is easier today than it was before. However, to stop renting and buying depends upon every person’s financial capacity and willingness. Plans are also a deciding factor in this situation.
In this article, we are assuming that you have already decided to purchase your own home. Hence, we are going to help you with how to stop renting and buy a home without any hassles. Follow our step-by-step guide to effortlessly buy your property in no time.
How To Stop Renting And Buy A Home
Stop renting start owning requires some prerequisites before it can be put into play. There are 5 steps that we have carefully formulated to let you know how you can stop renting and buy your own home. Follow the below procedure:
Get Your Documents In One Place
Firstly, before you decide to stop renting and buying, you need to get your mind clear regarding what type of house you are searching for. What qualifies for you as a perfect house? Make your decision according to your current financial position and other factors that might affect your purchase.
It is advised that you check your savings, debt, credit score, etc before deciding to stop renting and buying. It is recommended for a person to have at least some months of living expenses as savings, along with the down payment of the house that needs to be made. Along with it, the cost that will be incurred when closing the current house should also be taken into concern.
The documents that you need to arrange for your lender include proof of your employment, income, assets, copies of monthly bank statements, and the last 2 years of tax returns.
Align Yourself With A Lender
A qualified and experienced lender can help you get the best deal. He/she can assist you with your financial decisions and concerns. To get the best plan, they will recommend what credit score is considered a good one. Furthermore, a lender will provide you with valuable advice that will come in real handy regarding your purchase.
A lender will also assist you on which mortgage you will get the best deal with and how the payoff will work with different payment terms.
Read also: 5 Best Real Estate Tips For Buyers!
Get Completely Satisfied
After all prior settlements and conversations with valuable parties, you finally need to start looking for a house. List down your expectations wants, and needs regarding the property you want. Also, maintain a list of features and factors that you are willing to let go of. The more flexible you keep yourself, the easier it will be for you to find your dream home.
Visit homes and get aligned by an agent if you wish so. Check primarily for the location, house style, and layout, before focusing on fixtures, petty features, etc. All other things can be affordably fixed later. Your goal should be to get your criteria met under the core foundation of the property.
Once you have settled on the property, find out about moving companies that can help you move your stuff and furniture to the new home. You can look at expert and affordable solutions from Man and van Kensington. They will be able to get all the things from your old home to the new home in the most professional and safe manner possible.
Make Your Offer
Once you find the perfect place, make an offer immediately. In a competitive market, the house won’t stay available for long so make your move in advance. You may ask for the due date to make an offer with the seller. Here, it is advised to deviate as little as possible from the terms addressed by the seller. This will allow you to gain the seller’s trust and the house can be yours. Do not stress about petty things that might ruin your offer.
Close The Deal
This is the last stage of stop renting and buying your own home. After the seller accepts your offer, it will take at most 45 days until you will have absolute control over the property. During this time, some final formalities take place.
Enjoy your new home and make changes as they seem necessary to you. Build a home you always anticipated and refer to it as your dream home. Establish your equity through your property and build a strong financial future ahead.
To stop renting and buying a house might not be the easiest decision. But if you have made your decision, then the above tips and steps will surely ease the process for you. We hope you find your dream home soon!
Read more interesting articles at Insane Yards