Becoming a homeowner is common in the hash tag goals of many people. Dream homes are always on everyone’s bucket lists and wish lists. Yet, owning a house is a difficult goal. Some find it even impossible to have them in their buckets of dreams. But if you are persevering, hardworking, and have some sense of thinking of how to make it a reality, you will actually see for yourself that it is not an impossible feat even if you don’t avail of loans. Here are some tips.
- Rent-to-own. First time home buyers are usually short of big amount of money to purchase their dream homes especially if they are just starting to earn for it. Also, there is some sort of credit scoring that goes with the availment of home loans. If you’re constrained by these situations, renting to own is the best choice for you.
Under this option, win-win situation is accorded to both the owner and the tenant. Some tax exemptions are due for the owner while still collecting some money from you as part of his income. On the other hand, the tenant secures priority shall he or she decides to purchase the property during the period stipulated in the contract.
Portion of the rent is typically set aside to become part of the purchasing money shall the time comes. The tenant also benefits from slowly rebuilding credit score for future endeavors.
- Private loans. How is this different from the loans offered by banks and lending institutions? Private loans are availed from persons you know. They can be family members, colleagues, relatives, or friends. Despite being affiliated with each other, you still need to exercise some sort of business etiquette. You may still need to have written contracts or promissory notes.
- Owner financing. Some sellers who are not in hurried need of the money from the selling of their properties might be willing to avail of owner financing. Under this option, the owner avails of the financing and the buyer pays the seller the monthly dues until the last payment before ownership is fully transferred.
- Cash payment. The most difficult but the simplest form to own a house without availing loans from financial institutions. As hard as it sounds, but it actually frees you from any obligations to repay in monthly dues. This option is best if you have pre-saved for your dream house from your salary and other income streams.
Owning a house is great. It is rewarding. It is fulfilling. It makes you a step ahead in preparing for your future.
For other real estate concerns and help, your local agent is just a call away.