Make 2018 The Year You Escape The Rental Trap By Buying Your Own Home

Dated: November 30 2017

Views: 385

Make 2018 the Year You Escape the ‘Rental Trap’ by Buying Your Own Home

Make 2018 the Year You Escape the 'Rental Trap' by Buying Your Own HomeAre you growing tired of paying rent each month and not building your net worth? Being stuck in the ‘rental trap’ isn’t much fun, but if you are determined, you can break out. Let’s explore some of the steps that you can take to make 2018 the year that you become a homeowner.

Rent Money Is Lost Money

First – why homeownership? As you may already understand, money spent on rent is ‘lost’ money. Each month you pay your rent, but you do not build any equity, own any property or get any other benefits in return. When you own a house, the money you spend each month is being invested in the home. You are building value in the home over time which you can then realize if and when you decide to sell.

Choose Your Home And Location Wisely

Do you know where in the local area you want to live? And what kind of home you want to live in? If you are a single young professional, a condo or apartment might be the perfect starter home. However, if you are married and have a family, there will be other factors such as schools and amenities to take into consideration. Invest some time in going through local real estate listings and making a short list of communities that seem like a good fit.

Polish Up That Credit Score

Ask yourself: how is your credit score looking? Is it perfectly spotless? Or do you have some past issues that need cleaning up? It is worth checking in with one of the major credit reporting agencies to find out your credit score and if there are any blemishes that need to be taken care of. You can request a free credit report once per year, so take advantage today.

Get Your Down Payment Saved Up

Finally, if buying a home in 2018 is going to be realistic, you will need to ensure that you have your down payment saved up. Although it is possible to buy a house or condo with no down payment, there are pros and cons to this approach. If you can save 10 or 20 percent of the cost of the home, it will go a long way in helping to get your mortgage approved and the sale closed.

If you are ready to break out of the rental trap and start down the path to homeownership in 2018, contact us today. Our professional mortgage team is happy to share how we can assist you in becoming a homeowner.

For More Info Visit: http://www.bondstreetmortgage.com

Latest Blog Posts

Dont Wait To Sell Your Home

We’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few

Read More

Home Price Appreciation Is As Simple As Supply And Demand

Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared

Read More

Top Reasons People Are Moving This Year

This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to

Read More

3 Things To Prioritize When Selling Your House

Today’s housing market is full of unprecedented opportunities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a

Read More