Tips to Make a Transition from Renting to Owning a Home

If you are ready to purchase your first home and transition from renting to homeownership, you may assume the experience will be simple. However, things will not always go as smoothly as you may hope.

While this is true, no question owning a home can be a rewarding experience. Make sure you are prepared for this change with a few tips. From knowing when to make repairs on your own or call a professional, to making sure mortgage payments are made on time, keep reading for some helpful tips.

Know and Focus on Your Long-Term Vision

When you are tired of renting, it is usually easy to get out of your lease or just wait until it runs out. However, selling a home is more difficult. It would help if you thought about the long term before you buy a home.

If you are interested in a condo, be sure to consider more than just the HOA (Homeowner’s Association) and how it works. Be sure you purchase a property that is financially sound and well-managed. Is there litigation pending against the property management company or the property? Has the condo you are buying insured? Is there funding available if an emergency occurs? Are you going to be forced to pay higher property fees?

If you decide to buy a house, be sure to invest in a full home inspection to find any issues that are present or that may develop in the future. Make sure you ask questions about anything you do not understand on the inspection report. Ask the inspector to tell you what will be necessary for the repairs that must be made.

Also, think about other long-term problems, such as the school district for the home and zoning information. All this is necessary to ensure the home you are thinking about meets your current and future needs and goals.

Budget for Your Overall Expenses

Having to pay a monthly mortgage payment is not the only thing you are locked into when you buy a home. You are also committing to years of homeowner’s insurance policy, growing utility bills, repairs, maintenance, and property taxes.

Since you want to make sure that you do not wind up “house poor,” be sure you consider all the related expenses when determining your budget. A good rule to follow is that you will be spending about one percent of the total purchase price each year on maintenance for the house. This means $1,000 for every $100K the house costs.

While you will not spend this each year, you will probably spend it over the lifespan of your house. For example, you may need new flooring after several years or a new roof.

Be Ready to Make Repairs (or Hire a Handyman)

A great thing about renting is that you do not have to hire someone to fix the issue or fix it yourself if something breaks. You simply call your property manager or landlord, and they take care of the issue (hopefully). You do not have to open your wallet or get your hands dirty.

When you own the home, each problem – from a leaky roof to a broken water heater – falls on you. You will have to learn how to fix these problems and make the needed repairs, or you will have to pay someone to handle this for you like a water heater company in Camarillo. Even if you bought a home in good condition – or even a new home – you are going to be spending time or money (or both) on maintenance. When you own a home, there will always be something to repair or replace, even if it is just a scuff on the floor or blown lightbulb.

Landscaping Lessons

Unless the home’s previous owner decided to install Astroturf throughout the yard, your to-do list just got longer. You are now responsible for mowing the lawn, trimming the bushes, raking the leaves, and weeding the garden beds.

While there is no need to become Martha Stewart, you do need to handle basic upkeep, so your yard does not become the neighborhood eyesore or a danger to your family. If you do not have any yard maintenance tools on-hand, now is the time to stock up. You will need these items to help ensure your yard continues to look great throughout the year.

Buying a Home

When it comes to buying a home of any kind, you have a lot to think about and consider. To ensure you make the most of your purchase, be sure that you are ready from the transition of being a home renter to a homeowner. The information above will help ensure that you are prepared. Being informed and knowing what to expect are the best ways to ensure that your home looks amazing and that you make the most of homeownership.