Renting a House
If you settle on renting a house, you should bear in mind that the landlord will require you to sign a rental agreement. Go through this document to make sure that all the terms are in your favor before you sign it.
Some of the terms within the apartment lease include an outline of how much you’re supposed to pay as monthly rent, your rights and responsibilities, as well as the landlord’s obligations to you as the tenant.
Owning a home
The other option is choosing to buy a home that you can pay for in full, or use a mortgage to complete the payments. You need to brace yourself for additional costs as well because issues like home maintenance, legal fees, and real estate agent fees come into play.
Most people choose to get a mortgage because it’s a loan secured by the home you are buying. Consider working with a financial advisor to get insights on the mortgage plans that meet your needs.
A financial advisor will also explain to you all the important terms that homeowners need to be familiar with. FCAC has a Mortgage Qualifier tool on the site that helps aspiring homeowners like you in finding out the kind of mortgage plans they qualify for.
How to make a Moving Budget
Whether you choose to rent or buy, you will need to relocate to your new home that is why you need a moving budget. Making advancement payments for all the services you will need makes the move easy on you.
You also need to think about start-up expenses like:
- Outfitting the new house
- Legal fees
- Fees for new accounts for utilities
If you’re resenting, you’ll need to pay a security deposit which in essence, doubles the rent for the initial month. Not to forget ongoing expenses that apply for both homeowners and renters. Every household needs:
- Running water
- A functional telephone
- Cable television
- Internet connection
- Electricity connection
- Ample parking
How to Spot and avoid housing fraud and scams
Throughout this journey towards owning your own space, make sure you stay alert for housing scams. The last thing you want is for your hard earned money to go down the drain. There are countless fraudulent rental and real estate agents out there waiting on clueless people to take advantage of. This is especially the case for online outlets that advertise for homes for rent or purchase.
As an adult, the best thing you can ever do for yourself is get a place you can call home. Whether you’re renting or buying, you want to make sure that you pay for a property that gives you value for money.