While many people might think that renting is the only option open to them, it might be easier than you imagine to purchase your own home. Once you start to look into it, you might just realise what it will take for you to become a homeowner. Here are some of the things that you need to know if you want to purchase rather than continue to rent.
Mortgages are Easily Applied for
You might think that you will never be able to purchase a home as you are not going to be able to find the right mortgage. However, it can be easier than you think to find and apply for the right sort of mortgage. All you have to do is inquire with a mortgage lender as to what it will take – there is no obligation to pursue a loan with them if you don’t want one.
Make sure that you do shop around to try to find the right loan. A DBS housing loan might be the right option for you, but there are several options that you should look into. In particular, you need to pay attention to important metrics like the length of time that it will take you to repay the mortgage and the interest rates. These will all be important things you need to establish when trying to track down the right mortgage for you. This is the first step you will take towards owning your own property!
Redecorate as You Please
When you purchase, you will have free rein to do what you like to your property – more or less! If you live in a condo or some other type of property that has a shared space or common living area, there might be some rules that you need to follow. These are usually clearly laid out in the information pack about the building, and are usually because – though you will own your individual unit – common areas might be owned and managed by a private company.
However, within the walls of your unit, you might be free to decorate as you please. If you want to paint the walls a certain colour or put up shelves, tiles, or swap out the floors completely, you will be able to do so. If you are purchasing a condo that is still in the stages of being built, you might also be able to give some sort of input into how the condo is being constructed. The contractors might off you the chance to pick finishes like the placement of sockets. These can all be tiny details that help your house to feel like a home.
This is all in stark contrast to renting. When you rent, you obviously live in someone else’s property. You will be unable to make major changes to your rooms, so if they are in poor condition you might have to lobby your landlord to have them redecorated. While some more relaxed landlords might allow you to make changes on your own, some might want you to run them by them first. Owning your own property removes all of this, and just allows you to live in your property how you wish.
It Can Be Cheaper
Though you have to pay more initially, many prefer purchasing over renting as it can be the more affordable and cost-effective choice overall. Rents can be very high, and there is always a chance that yours might climb once more.
It often works out that mortgage repayments can be a little cheaper than paying rent. Even if your interest rate fluctuates a bit, the cost of the mortgage repayment can be much lower than what you might typically pay if you were paying rent instead. The most expensive and difficult part of preparing for a mortgage can be saving up a deposit, but a good loan should make this a cost-effective move once your property is bought.
Remember that you will have bills and other fees to pay regardless of whether you are renting or purchasing. However, since you are paying mortgage repayments that are lower than what you would pay as rent, you should hopefully find these costs that little bit easier to manage overall.
Purchasing can be a much better decision compared to renting for many. Though it can take a lot of hard work to get to the position where you will be able to purchase your own property, there are plenty of paths you can take to get to this point. Purchasing their own property is a dream that many have, and there is no reason why you cannot get there yourself. It is time that you looked into whether or not you would be able to purchase your own property soon. You could be a homeowner before you know it!