Renting To Owning – How To Transition Successfully

Posted by Rebecca Prince on March 10, 2017

buying your first home

So you’re ready to make the leap into home ownership...  Wow!  Congratulations!  This is a huge step in your life, and it’s one that deserves to be celebrated.

Owning a home can be extremely rewarding!  But as you’ve probably guessed, the expenses and the responsibilities are very different from renting.  So, how can you make the transition successfully?

No worries!  We’re here to help.  Here are a few things to consider as you begin your home buying journey.

What’s So Different About It?

Right now, your landlord is paying for many of the costs associated with your rental.  As a homeowner, here are a few of things you’ll be responsible for:

  • Monthly Mortgage Payment
  • Property Taxes
  • Flood, windstorm, and other types of insurance
  • Upkeep and repairs
  • Water, electricity, and trash
  • Lawn care and outdoor maintenance
  • Pest Control

Ending Your Lease

Remember all those penalties and fees you discussed with your landlord when you first moved in?  If you’re thinking about breaking your lease – just say no!  Terminating your lease early will cost you tons of money that you could be using on your future home.  Be sure to start your house hunt near the end of your leasing period, so you can avoid wasting money.

Timing and Patience

One of the most unpredictable things about finding the right house is how long it will actually take.  If the home you have your eye on is already vacant, you may be able to move in within a few weeks.  On the flip side, you might fall in love with a house whose occupants are still searching for their next place too.  Don’t get discouraged if your house hunts takes a little time.  It will be totally worth it in the end!

Fixer Upper vs. Move-In Ready

Break out the shiplap!  Does the thought of transforming a home like Chip and JoAnna Gaines get you excited?  Or, would you rather something that’s move-in ready?  If you plan on making updates, it might be more comfortable to live in your rental while working on your new home. It’s also much easier to make changes when the house is not filled with boxes and furniture.

Stay Flexible

Be prepared for a lot of curve balls when it comes to house hunting.  There are just some things that you can’t predict!  When you’re shopping for a home, be as flexible as your finances will allow.  It’s always great to have options, so you’re not locked into any one situation.

How DuGood Can Help

Think you’re ready to move forward?  We want you to FEEL GOOD about your home buying journey!  Take some time to talk to one of our Lending Experts before you start shopping.  They’ll help you figure out a budget and get you pre-qualified, so you don’t get attached to a home you can’t afford.

Also, be sure to download our FREE Home Buyers Guide.  It will break down the house hunting and mortgage process for you step-by-step, so things don’t feel so complicated. 

Topics: Home