If you have been renting for a long time, or are concerned about the rent increases in your area, you might be desperate to own your own home, especially if you are settled in your career and location or have a family. Therefore, to help you obtain the extra security that owning your own home can give you, here are some of the best ways that you can go from renting to owning your own house in 2023. 

Get a Jumbo Loan 

You do not have to have a lot of money in your bank account to be able to own your own home. If you are concerned that you do not have enough money for a huge deposit, you should look into jumbo loans instead. These loans allow you to borrow more money with a smaller deposit, outside of the recommendations and limitations of certain states and associations. 

However, when you are considering getting a jumbo loan from companies such as Delmar Mortgage, if this is possible in your state, you should be aware that they are less secure than other types of loan, and it is important to weigh up this risk before you borrow a large amount of money. However, this can be a great option for those who otherwise may never be able to own their own home. 

Move in With Someone Else

If you do not think that you will have enough money to buy a house on your own, you should consider moving in with someone else—whether this is a friend or a partner. By doing this, you will be able to split the costs between you, such as the cost of bills and a mortgage. 

This will ensure that the amount you have to pay each month is not so daunting and that you do not find that you get in debt or behind on repayments due to taking on more financial responsibility than you are able to handle. 

Save Money

The best and safest way that you can go from renting to owning your own home in 2023, though, is to save money. Saving money will allow you to get the finances that you need for a mortgage deposit with no strings attached and will mean that you do not struggle financially due to your goal of home ownership. 

Some of the best ways that you can save money include cutting back on non-essentials, skipping vacations and other luxuries, and getting a second or part-time job that can fit in with your current lifestyle. 

Move Back Home

If you are able to, due to being young enough for example, you should consider moving back to your childhood home. Alternatively, you could look at moving in with a friend or relative rent-free or paying only a small amount of rent. By doing this, you will be able to save a lot of money and you will be able to stop rent from draining your bank account. You may only have to do this for a short while before you have the money that you need to put down a deposit on a house.