The Gen Z or millennials have resolved to the idea that becoming a homeowner is impossible. That’s not the case. In fact, owning a home at a younger age is more profitable in the long run. Here are some tips to avoid the rent trap or being stuck in a rental cycle you cannot seem to break.
The media constantly report on the doom and gloom of the property market but, in reality, experts have suggested positive results for homeowners which we have seen come to past. In the most recent boom, homeowners saw an influx of value in their homes and the majority of Australians who sold up, benefited greatly financially from owning a home.
You can own a home a home too and we are Stop Renting Perth have the right strategies to help you.
Why You Need to Escape The ‘Rent Trap’
For fear of cost and commitment, too many people opt to remain renting because they are afraid of taking the first step towards escaping the rent trap. They get comfortable in the cycle and are often overwhelmed at the thought of going through the process of homeownership.
That does not have to be the case. It’s much simpler and easier than most people make it out to be. Our strategy session will cover everything you need to know before you decide on proceeding with building a home. Having a good and clear idea of what’s ahead always makes the process easier.
Starting now is key. Gather the right information now so you can make the best-informed decision possible.
Start Saving Up for a Deposit
The more deposit you have the more options you have. This is not to say that if you don’t have a big deposit you’re not eligible. There are many low-deposit options available, and lenders are always changing policy to help more renters become homeowners. In saying that, if you currently do not qualify for a home, start building up your deposit for when you do qualify, you’ll find yourself in a much better position to own what you want.
Focus on Your Credit Record
Here’s a healthy tip; stay away from quick buy accounts like After Pay or Zip Pay or the like. These accounts can prevent renters from owning a home now. Stay on course and keep your finances in order so you can own a home and stop paying rent. This is a lifestyle upgrade but you must be willing to do some tidying up now so you can enjoy a better lifestyle in the long run.
Is It Time to Stop Spending Your Money on Rent?
Your hard-earned cash is going to waste on rent money. As the saying goes, rent money is dead money. The path to home ownership is easier than you think and our commitment to you at Stop Renting Perth is that if you do not qualify now, we will give you the steps to take so you can get qualified and then be able to apply our strategies to becoming a homeowner.
Let our experts coach you in the right direction today.