Going from renting an apartment to owning your very own home is a dream of every Australian. However, while everyone tries to achieve the dream of owning a home, some of you might be able to stop renting and own your house sooner than others. At Stop Renting Albany, we get many potential homeowners looking to build a home or buy one.
Almost all of them ask us how they can be sure that they are ready to stop renting and commit to homeownership. For anyone wondering whether they are ready to own a house, this article is for you, and we suggest you keep reading.
You are ready to stop renting and start owning if you have money for the deposit
Whether you are going for a home construction loan or buying a pre-built home, a deposit is necessary. The deposit is the amount you have to pay upfront when you get a loan. While we have helped individuals with low deposit amounts in getting financing for their home having cash saved up for the deposit does increase your chances of getting a loan.
So if you have 15 to 20 percent of the total amount you want to borrow saved up, then it is a sign that you are ready to stop renting and start owning your new home.
However, if you don’t have enough money saved up for the deposit, then it doesn’t mean you can’t get financing for your home. Our team can help you get financing without the need for a significant deposit amount. If you are not sure whether you qualify for the loan or not, you can check it here.
You are sick of the instability that comes with renting a property
Most people go for homeownership simply because they are sick of renting a property as it offers no stability. When you have a family, a rental property doesn’t offer the peace of mind you get from your own home.
Moreover, if you are fed up with the constant stress of dealing with your landlord for the smallest repairs and rent-related problems, it is a sign that you should go for homeownership. Our team at Stop Renting Albany always ensures our clients that if you are paying rent regularly, you shouldn’t have any problems paying the mortgage.
You have a clear idea about the type of house you want
Everyone has a dream to own a big house. However, realistically speaking, the bigger the house you want to build, the higher the borrowing cost will be. So if you know what type of house you want and you have an idea about how much it will cost, then it is a sign that you are ready to own a house. Once you know what type of house you need, you can correctly estimate the loan amount you need to get that home.
Paying rent doesn’t give you the satisfaction that you get when you build or buy a house. So if you think that the scenarios mentioned above fit your situation, get in touch with us today for your home financing options.