Tips for Transitioning from Renting to Owning

By:Michael Carr

Making the step from renting to owning can seem intimidating for some new home owners. Here are a few tips to help you make your new living situation a long-term success.

 

1. Save your money

A good rule of thumb for homeowners is to have 4-6 months of mortgage payments in the bank at any given time. This will be a great tactic should an emergency arise. Most homeowners will have at least one surprise every year with their home. For some, it may be that a heater needs to be replaced. For others, it could be as large as having water damage to your home. It could even be a financial situation in your personal life that forces you to reallocate your mortgage funds to something else for a short time. Either way, having the extra cushion is imperative to ensuring you are financially prepared for being a homeowner. A rainy day will come, and having that money will help prevent you from financial stress.

 

2. Know your neighbors

When you rent you may have new neighbors often. When you buy a home you will most likely have your neighbors for many years to come. Your neighbors are your community and building a positive relationship with them could make your experience as a homeowner just that much more enjoyable. A little consideration can also go a long way. Simple things like keeping your lawn well trimmed and your noise level considerate can also mean a world of difference for your new neighbors.

 

3. Preventative Maintenance

There are many ways to make small updates or changes to your home that could save you hundreds or thousands in the long-run. A great example of an affordable way to vacuum your registers, vents, and refrigerator coils on a regular basis. This can prolong the time between your need for duct cleaning and can even prevent fires. Another way to help keep your home in tip top shape is to extend your rain gutters to help prevent moisture from pooling around your home's foundation.

 

Making the leap from renting a home to owning a home comes with a lot of new responsibilities and additional planning. Making sure you plan ahead can not only save you money but can also make your experience of owning a home a lot more enjoyable.



Posted January 13, 2016

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