How to Transition from Renter to Homeowner

homebuyers-advantage

You know you’re ready, now what? As exciting as it may be, if the reality of transitioning from comfortable renter to brand new homeowner scares you, you’re not alone. Here are some tips to help you through this anxious and exciting time:

  1. Think Long Term: When buying a home, it is best to think long term rather than the renter mindset of year to year or month to month leasing. This means putting extra time into finding the right home for you that is in an ideal location with no major foreseeable issues. Take a look at your career goals and evaluate your lifestyle as well to ensure you want to be where you are for at least 3-5 years. It is also important to remember that selling a home can be more difficult than breaking a lease, so why not buy a home you love?
  2. Prepare Yourself: Before you buy, make sure you know what it means to truly be a homeowner. Know the responsibilities you are taking on and be prepared for any issues that will inevitably come your way. Assess your finances to make sure you are in the right place to take on any monetary burdens. Research the cost of getting a necessary home inspection, homeowners insurance, fees, etc. as well. While thinking about finances may feel discouraging, it is important to remember here the perks of homeownership such as building equity and having a safe, secure place of your own to call home.
  3. Get Pre-Approved: This is important because nothing takes away the excitement of buying like finding your dream home and then finding out you can’t afford it or get approved for a mortgage. Talk to a mortgage professional to evaluate your finances, find out what you can afford to allow you to begin home shopping with some peace of mind. Having a pre-approval also gives buyers a head start when they do find the home they want allowing them to put an offer in quickly. Click here to get pre-approved and being your home buying journey today!
  4. Find your Dream Home: Now, the fun part: finding the home of your dreams! In today’s market, it is important to hire a real estate agent to help you along the process for many reasons. While you are fully capable of searching for homes on popular sites such as Zillow or Trulia, hiring a professional who knows the market, how to negotiate, and is willing to spend time finding you the perfect home will help save you both time and money. Buying a home is one of the largest and one of the most important purchases of your life so it is best to make sure you are doing it right!
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