Nothing compares to the feeling of having a place to call home. However, most of us have felt frustration at seeing hard-earned money go into rent every month rather than a more permanent house payment. Renting is many people’s first step toward homeownership, but what do you need to do to realize the dream of owning a home? Lee Schilare shares important insights for North Jersey Newspapers readers who want to become a homeowner.

“Sometimes, it’s not the regular rent-money obligations but other expenses that are the main obstacle in saving. A whole debt-counseling industry has arisen to guide consumers in getting out from under what they owe. Smart saving, not depriving yourself, just ensuring stability and enjoyment over the longest term involves moves both major and simple, and can help prepare you for that first down payment.”

Danny Simone, Lee’s business partner added, “Financial planning, establishing a household budget and sticking to it, including a specific amount set aside for savings every month can get you to your home-affording goals sooner than you might have imagined. You may also want to meet with a counselor who can negotiate a lower rate and set a sensible structure for your repayments on credit cards, while advising you how to ease dependence on them. This not only gets you on your own financial feet, but helps keep your credit rating intact for the very home loan you hope to someday secure.”

Lee added, “There are additional ways to start working toward homeownership. Some sellers will enter into a rent-to- buy agreement, in which part of the regular rent is considered an installment of the home’s down payment, which, once built up, can help you obtain financing. Low-income renters may also qualify for federal “Section 8” vouchers which are paid to the landlord, subsidizing your rental expenses and helping you save for a permanent home.

Just as some renting options allow you to set funds aside, some types of purchases can help defray your costs as you fulfill the stepped-up obligations of homeownership. Pooling resources with other buyers to occupy a two-family home could be one; buying such a home by yourself and renting one half of it could be another.

Even if your economics remain challenging, there are low-down-payment mortgages, and other forms of financing for special circumstances, available to buyers who meet the right criteria. Our ERA Justin Realtor agents can help you navigate through these options, accessing financing programs. He or she can also identify what government help might be available, and generally counsel you on your readiness to be a buyer, and on what else you might need to do to get there. If you consult the right sources and seek common-sense strategies, then your every move in the renter’s world can be pointing you home.”

Ron Darby, ERA Justin Broker added, “All across the nation, the most coveted award that can be achieved in business is the ‘J.D. Power & Associates’ award. Only outstanding business entities are honored and receive it. ERA Real Estate was a past recipient of ‘Highest Satisfaction for First Time Home Buyers Among Full Service Real Estate Firms.’ Award. For these reasons ERA Justin Realty should be your buying and selling Realtor of choice. Call our team at (201)939-7500.