Time to Stop Renting? How to Leave That Way of Life Behind

August 8, 2017Mandi Morrison

Are you renting but doubting whether you should carry on doing so for much longer? You’re not the only one. Renting can get you down before long because you are not getting any closer to owning your own home, even though you’re spending a lot of money. Here’s what you will need to do if you want to leave that way of life behind and start.

Start Saving a Deposit

You need to start saving money for your deposit if you want to be able to move out of your rental home soon. This is the money that you will pay as a percentage of the home’s overall value. The rest of the money will be covered by your mortgage, unless you want to buy the home outright, but not many people are able to do that.

Cut Down on Other Expenses

Saving a deposit is not something that is necessarily easy to do. So, you should try to cut down on other expenses if you can. When you do that, you will be able to save up faster and leave renting behind sooner rather than later. It’s only a short-term change, so it’s not such a big deal. It’ll be more than worth it for you in the long-term as well.

Compare Your Existing Costs to Costs as a Homeowner

Many people are surprised by the fact that they can often spend less each month on a mortgage than they could if they carried on renting. Paying less each money could turn out to be a lot easier on your bank balance, and you will be able to spend money on other things, which has to be a positive. If you can manage to pay less, then that’s something that you should definitely pounce on.

Leave the Home Clean and Give Your Landlord No Reason to Contact You Again

You don’t want to get any more hassle from your old landlord once you have moved out into a place of your home. That’s why you should leave the home as clean as it possibly can be. Using the Whizz bond cleaning service is a good idea. You should also make sure that there are no nasty surprises for your landlord. You don’t want to give them any reason to need to contact you again.

Stay on Top of Your Mortgage Once You’re in Your Own Home

If you don’t keep up with the rent, you will be kicked out of where you live and have to find somewhere else. But the consequences of not keeping up with your mortgage payments are a bit more severe. The house that you have put down your deposit on could eventually be lost. So, you need to make sure that you don’t end up in that kind of situation at any point.

Renting is like throwing away money, and that’s why you should get out of that trap as quickly as you can. Having a home of your own is always the better solution.

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