Buying a home is hard. The transition from renting to buying is harder. It is a daunting task to forgo landlords, and leases for mortgages and down payments. But don’t worry, we here at Rental Beast are ready to help. We talked to our in-house real estate experts to put together some tips and tricks to help you transition from renting to buying.
Your first, and most crucial step is to prepare for your inevitable lifestyle change. The transition from renting to owning isn’t simply changing where you live, but how you interact with your home. There is no longer a landlord to take care of issues, it’s all on you. But don’t worry, you’ve got this. You no longer have to worry about renewing your lease, or finding a new place entirely. You gain stability, and the freedom of choice. Don’t like something about your home, change it!
Budget. Getting your finances in order, and ready for the change is arguably the most important part of the process. Make sure your credit score is high, you have enough for a down payment, and start looking into getting approved for a mortgage. Your credit score will affect your interest rates, and your down payment will influence your mortgage payments. Make sure to budget for the inevitable renovations, and changes you will want to make for your new home. Budget for furniture as well.
Make sure to research the area your new home is in. Casting off the shackles of renting and locking yourself into a new home, means locking yourself into a new area. Make sure to tour your new area multiple times, at different times of day, before move in. Get a feel for the sounds, traffic, and age of the area. Make sure to look into schools, and local nightlife.
The best and final tip we have to offer is to get an agent. Hire a real estate agent to facilitate the entire transitional period. A trusted real estate agent will give you all the information you need, and will be able to help you find your next home. They can also help with getting approved for a mortgage, finding you a great deal, and preparing you for change.