How to Transition From Being a Renter to a Homeowner
If you have grown accustomed to renting, you may wonder how your priorities might change the day you get the keys to your first home. We often hear the word ‘more’ used when renters share their concerns about buying — “I don’t want to pay more each month”, or “Owning a home means I’ll have to spend more on repairs.” Well, we are here to tell you that ‘more’ isn’t always a downside.
To guide you in your transition between renting and owning, we are sharing three lifestyle shifts that will bring more good into your life when you buy your first home.
More Stability
While renting, you are likely used to the fact that leases and rent prices fluctuate year after year, often causing you to move frequently to stay in your budget range. In fact, as a renter, your housing stability and affordability lie in the hands of someone else at all times. At any time landlords can:
Sell the property
Raise the rent prices
Make changes to your lease agreement
All of these changes can be made without significant warning, making it almost impossible to plan around them and respond before it would affect your situation.
When you become a homeowner, all of these concerns fade away. Your monthly mortgage payment stays consistent unless you choose to refinance your home, and you never have to worry about sudden changes to your amenities or quality of life because these are both ultimately selected by you.
As a homeowner, you are your own landlord.
More Responsibility
Sure, you call the shots as a homeowner, but with all of this power comes a whole new list of responsibilities. As a renter, all repairs and concerns are usually fixed with a simple phone call to your landlord. Because it is their property, they are almost always responsible for maintenance and improvements. Some landlords may not choose to fix or improve if your concerns don’t affect your habitability as your local laws probably dictate.
As a homeowner, you’ll have to get used to footing the bill on repairs or learn how to address these problems on your own. Don’t worry, though. We are proud to work with some of the best vendors in the business and are happy to help you make those connections. Plus, if you work with an experienced Realtor® like the ones on our team, we’ll make sure you’re set up with a home warranty at closing.
Owning a home is a lot like owning a business. You can expect to put hours and hours of work into it, but the payoff is almost always worth it.
More Freedom
When we talk about the freedoms of homeownership, we are referring to both personal and financial freedom. As an owner, you have the opportunity to create a space that aligns with your goals by upgrading, modifying, and repairing anything you choose to. In addition to making a place your own, being a homeowner also allows you the opportunity to start building wealth and reducing your annual income taxes through a mortgage interest deduction and deducting other homeownership expenses.
In the simplest terms, your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage. So instead of paying your landlord each month, you will start paying yourself and increasing your financial stability.
Here are a few of our favorite homeownership freedoms:
You can get that dog you’ve always wanted without having to worry about the pet deposit.
You’ll have free rein to landscape however you want—maybe you can even start that garden you’ve always dreamed of.
You’ll have more privacy and control over your surroundings.
So, in summary—homeownership will change your life, but maybe not in the negative ways you imagined before.
Have questions about homeownership and finding the right time to buy? Call us.
To learn more about the financial upsides of homeownership, read our blog post here:
