For renters who aspire to be home owners, transitioning from an apartment to a house requires a shift in their thinking. The financial changes that come with owning, the need to consider planting longer-term roots in a neighborhood, and new neighborhood rules are things renters need to prepare for. Moving can already be one of the most stressful times in a person’s life, but it may be doubly so for a new home owner. As your Real Estate agent and a home owner myself, I can help you learn about the life-changing event of buying a home.
Understand how your financial investment is changing. As a renter you may see an increase in your monthly rent every lease term, but you don’t see exactly where it goes — toward property taxes and insurance, even “luxuries” such as trash pickup. As a home owner you don’t have a landlord who handles all those details, so you need to be ready to juggle the financial responsibilities of home ownership. It’s not rocket science, but knowing what to expect and maintaining a budget can make the step into home ownership much smoother.
You are in your new location for the long-term. As a renter, you can bounce around from home to home every year if you want. But when you own a home, you have to stay put — unless you plan on renting it out, which most home owners don’t. Location is going to play a much more significant role in your future, so evaluate school districts, access to amenities, and commute time as you search for your new home.
You may be abiding by a new set of rules. As a renter you don’t think about possible homeowner association rules you might be governed by, such as trash pickup rules or any curfews or rules pertaining to animals. Make sure to get all the information on neighborhood rules and associations that govern the area where you might be wanting to live.
You’ll have a new mindset: Home owner. Life as you know it is about to change. Once you purchase a new home, you will no longer have a landlord to tend to things including lawn care and plumbing. Ask me for contact information. I know people.
Neighbors can affect your home’s value. Renters don’t care who their neighbors are as long as they’re quiet (enough). But you’re now going to want to know whether your new neighbors are renters or home owners. This can help you gauge current and future home value in the neighborhood. If the neighborhood consists mostly of rental properties, it is likely a home owner will lose money on their house in the future. Renters do not always feel responsible for maintaining their properties the way home owners do. Property value comes down to curb appeal. Less-appealing neighborhoods often have more-appealing prices, which is not always good for buyers and home owners.
These ideas aren’t meant to scare you away from owning your own home. You’ll find the perks far outweigh any downside when compared to compartment living in your standard three story apartment complex. It’s simply a paradigm shift to a new way of thinking about how you and your family live. If you have questions, call me at 918-809-5199 and we’ll talk about possibilities!
This article is a revised version of an article originally written by Rob Rimeris, owner of EverSafe Moving Co. in Philadelphia. EverSafe is a five-star, full-service company that offers affordable moving and storage services.