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October
9
9
Buying a House in Brighton: 4 Ways to Escape the Rental Trap
Are you caught in the rental trap? If you are dreaming of buying your own home instead of renting, you might be unable to see a clear way to get there with the ever-rising cost of rental payments.
So how does one escape this trap to begin paying off their own mortgage instead of your landlord's current mortgage? It might not be as hard as you think. Our REALTORS® offer these four ways to start saving to buy one of our Brighton homes for sale.
- Work to reduce your current housing bills
Ideally, you should be spending no more than 30 percent of your income on rent. If your current rental is eating up a higher percentage of your income than it should, consider a less expensive place. While downgrading may mean living with fewer conveniences and/or in a less desirable area, it could help you save for a down payment on a home of your own. Lowering your rent-to-income ratio can also help you create a more stable financial profile for yourself, which can be helpful when it comes time to apply for a mortgage loan.
If moving isn't an option, what about getting a roommate? If you have a spare bedroom in your current rental home, renting it out can make it easier to save up to buy your home.
Another option is to approach your parents or other family members who live close by about changing your living arrangements. Moving in with family for a little while can allow you to share expenses, reducing what you spend on rent, utilities, and other monthly expenses. - Do some penny pinching
Going over your current spending with a fine-toothed comb is the first step to reducing it. If you haven't been tracking your spending carefully up to this point, you will be surprised at just how much the little splurges in your life add up. Trimming the fat and socking more money away towards buying a home may be as simple as cutting out that daily coffee stop on the way to work, cooking at home more often, doing without cable TV or dropping your gym membership and exercising at home.
Other things you can do include shopping around for cheaper rates on auto insurance and paying off high-interest debt. While doing without some of the small pleasures in life may not be easy, making some sacrifices now can add up to a much more comfortable future. - Increase your income
Look for ways to increase your income. Getting a second job for a while, picking up a few odd jobs or freelance gigs on weekends or putting windfalls, such as tax refunds, to work for you via investments. If you are already working full time, it will be a sacrifice to give up more of your precious free time to work, but putting that time in now will help you escape the rental trap for a more secure and satisfying future. - Look into your options for home-buying assistance
There are assistance programs out there to help people with low or moderate incomes get into their own home. These include FHA, VA and USDA loans, as well as programs that will aid people with certain occupations, such as police officers, teachers, EMTs or firefighters.
Contact us at Griffith Realty for more help on escaping the rental trap and buying your first home. Our REALTORS® will be happy to put their knowledge and experience to work for you.