Avoid the Rental Trap in 2023 | MyKCM

If you’re a renter, you likely face an important decision every year: renew your current lease, start a new one, or buy a home. This year is no different. But before you dive too deeply into your options, it helps to understand the true costs of renting moving forward.

1. Make a plan: Before you commit to a long-term rental agreement, create a budget and map out your financial goals, including your target date for when you want to own a home. This will help you stay motivated and on track for your goal.

2. Save for a down payment: Start setting aside money for a down payment. Make sure youre putting enough aside to cover the costs associated with buying a home.

3. Research your options: Look into different financing options to find out whats available to you. Consider the pros and cons of each option and decide which one works best for you

. 4. Get pre-approved: Visit a lender and get pre-approved for a mortgage. This will give you a better idea of what you can afford and help you narrow down your search.

5. Start house hunting: Once you have a budget, a down payment, and a pre-approval, you can begin looking for a home.

6. Keep your credit score in check: Make sure to monitor your credit score and make any necessary changes to improve it.

7. Make an offer: Once you find a home you like, make an offer. Be

Bottom Line

If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Let’s chat to see how you can begin your journey to homeownership today.