How to Break Free From Rent and Move Your Family Into a Home of Your Own

Breaking free of renting a home is a chance to call a place your own. The financial stability that comes with ownership is as powerful as nearly any other money move you can make in life. The pride you can take in this accomplishment is just as sweet; if you know how to do it.

Find the Right Residence for Your Family

Your starter home is unlikely to be your dream home or forever home. It can be, but it’s more likely you find something that fits your needs more than your wants. Consider how many bedrooms you need to account for current or future kids and whether or not the school district matters much to you. Another factor to consider is the safety of the neighborhood.

Determine How Much You Can Afford

There are two considerations here. First, as Investopedia points out, you might need to save up a down payment as high as 20% of a home’s value, although there are programs that can assist you in the right conditions. Secondly, your total housing costs should ideally not be more than 33% of your monthly budget, including mortgage, utilities, and insurance.

Choose Your Financing Options

Chances are good that you will need to look into mortgage lending. Banks, credit unions, and other financial institutions can provide you with the financing you need to pay for your home. Over a decade or more you will work towards owning the house completely. This might feel like another version of rent, but know that the payments you are making will go towards ownership. Meanwhile, rent lasts forever. A mortgage is something you can pay off completely.

Select a Good Real Estate Agent to Break Free From Rent

A real estate agent can help you find your starter home. These professionals are trained in getting to know what a family wants and needs in a residence so they can go through the listings and find homes to show them. They can also help make offers and handle negotiations with the seller’s agent when the time comes.

When you do find a home you’d like to buy, prepare a fair offer. Just remember your journey isn’t over yet, however. There might be negotiations before an offer is accepted, you might lose out to someone else, and you should never buy a home without an inspection first. Just keep looking, because your first home is out there.

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber; https://www.facebook.com/people/Rachelle-Wilber/100009221637700/