There are several occasions in buying a house where you can encounter difficult situations. These can make the purchasing process impossible to complete. But there are other options available in which these problems can go away and make the purchase of the house easy and effortless.
Buying a house you are already living in
One of those options is purchasing the house in which you are already living. Through this process, you can Stop Renting and Start Buying the house. In order to understand the benefit of this process; you need to first learn the process.
What is the Process?
There has always been a long debate between choosing to rent and buying a house. The public has been divided into two parties; one favoring renting and the other preferring buying. But a new trend has been circulating; although it is not so popular still people are choosing it. It is buying the house which you are currently renting. The process involves the following steps.
Searching for a house
If you are a first-time buyer then you have to search for the house. It may take longer to find the house because these kinds of properties are not available for selling. But if you are previously living in the home then you are free from this fuss.
Know about the seller
Once you have found the property you want to buy; the next step to take is to get to know the seller. You have to know the reasons for his/ her selling of the house. There are many reasons behind it; the sellers want to shift into a new house, they are going to another city or country or they need urgent money.
Prepare a home loan
Along with rental payment, you will be needing a substantial amount which you have to pay when your rental period ends. This amount has to be given at the time of the contract transfer in the buyer’s name. You have to select the loan very carefully which is easy to repay.
Finalize a contract
After these finalizing the house and loan; it is time to get legal help and finalize a contract. It has to be kept in mind that the contract must be made in the presence of both the buyer and the seller. Also, the contract should include every clause that has been arranged between the two parties.
Pay the rent regularly
It is very important that you pay the rent on time. If the budget that you have set is disturbed and you are unable to pay the rent then your whole family could be in trouble. So if you do have financial problems then it is best to consult professionals like Stop Renting Bunbury.
You have bought the house
At the end of the rental period; the vital thing to do is pay the final payment and house will be in your name. You don’t have to worry about packing things, hiring a moving company and shifting into the new house because you have already been living there.
Benefits of Stop Renting and Start Buying
Up until now, you must have understood many of the aspects of this type of purchase. It will be now easier for you to comprehend the advantages of buying the house you have rented. Below are the various benefits that you can get by purchasing the house.
Buyers having Bad Credit
If you are worried that you don’t have enough credit score that can ensure a loan; then you can consider the house up for rent. As the loan amount is required at the end of the renting period; you can use this time to build a good credit score as you don’t need the money initially.
The buyers have another advantage that they are able to check the house that they want to buy through the renting process. In this way, they can learn about the faults and flaws in the house. The behavior of the neighbors and most importantly the surrounding area and the facilities it has to offer.
No-fuss of moving in or out
There is no the fuss of moving in as it is just like shifting into a rented house, but the difference is that you will on it after some period of time. In ordinary renting, the landlord can demand the family to move out. But in this case, the buyer is considered the owner of the house.
Leave a deal easily
The buyer has full legal right to back out from a deal, but it must be during the renting period.
Monthly Instalment is always fixed
Unlike any other type of rent; the monthly payments are a kind of monthly installment. They have to be fixed. In a simple-rent, the landlord has every right to increase the rent but in this, the rents are fixed because they are monthly payments.
You are in charge of the house
From the start of the renting period, the tenants are you can call them; have every right to the house. They are the owners of the house and they can renovate or make changes in the house without the permission of the landlord.
Don’t worry about taxes
Although the tenants are in charge of the house which you are purchasing form stop renting and start buying, the house is still the landlords and he/ she has to pay the taxes. You the buyers living as tenants don’t have to worry about that.