From Renter to Homeowner

From Renter to Homeowner

Things You Need to Know


Are you ready to make the transition from Renter to Homeowner?  There will be financial changes and you will need to think about putting down long-term roots in a neighborhood and community.  Owning a home is a life-changing event.

 Your financial investment will change.  Renters often have increases in their monthly rents with every new lease term but don't really think about what their rent is paying for - the property taxes, insurance, perhaps trash pick-up or snow plowing, building repairs & upgrades, etc.  As a homeowner, you will be making the decisions and developing a budget that will accommodate these needs.  Are you financially able and mentally prepared to take this step?

Renters have the flexibility to move from home to home - homeowners do not.  Therefore it is important for a new prospective home buyer to really focus on the location of their new home.  You are now thinking about what is important to your future - access to amenities, how long is the work commute, evaluating schools, are there community rules and association fees, etc.  Also, evaluate the the neighborhood you are considering moving to.  What are the properties like- are they mostly primary homes that show good maintenance?  Remember your neighbors' properties can effect the value of your home now and in the future.  Is it important for you to be in a family oriented neighborhood or would you prefer to be in a mature adult oriented one?  These are all important considerations before you begin the house hunting adventure.

Talk with your realtor about your concerns and needs.  Tap into their real estate knowledge - let them help you get answers to all the above concerns and questions.