Making the Stress-Free Transition from Tenant to Homeowner
Many people tend to look at owning your first home as a major rite of passage in one’s life. But that doesn’t mean the process doesn’t come with its challenges. Here are five ways to help alleviate some of that stress.
Know your budget
First and foremost, know what you can and cannot afford. Take some time before you start searching for a new home to decide your price point. In the end, it’s hard to sustain million dreams on a $150,000 budget.
Be aware of fees, taxes and other costs
Owning a home comes with a far different collection of costs than simply renting a property from someone else. Just because you were able to afford a $1,200/month lease doesn’t necessarily mean the same goes for a mortgage. Seller fees, property taxes, homeowner’s insurance and regular repair/maintenance costs are a few of the new financial obligations you’ll be responsible for in your new home. Be mindful.
Do some area reconnaissance
Schools, grocery stores, and hospitals are just a few of the amenities you should be keeping in mind when looking for your first (and second or third) home. Does your new house within walking distance of your job or favorite restaurant? Excellent! The area’s best hospitals only a few minutes’ drive away? Outstanding! Homeownership tends to be a little more long term than being a tenant, so make sure you do some homework on the surrounding area to make sure you’re making the right choice.
Appreciate the art of compromise
Because homeownership has a stronger sense of permanence, it’s understandable that you’d want the pool, large backyard and close proximity to the best school in the city. At the end of the day, though, your budget will probably not jive with all of your requests, so you should prepare yourself for some compromise.
Seek professional help
Finding a qualified real estate agent will go a long way when it comes to getting right answers for the right questions. Aside from that, a good agent can get you in touch with other professionals like home inspectors, real estate lawyers, contractors and movers.