From Renter to Owner: 5 Tips for a Smooth Transition to Homeownership
As exciting as the transition from renter to homeowner is, it can also be a little daunting and stressful. You have so many new obligations while trying to determine your rights and requirements and navigating the whole move-in process! There can be much to think about, and it’s only natural to be overwhelmed.
While undoubtedly stressful, your transition to homeownership can be much smoother when you take these five actions:
Organize Your Insurance
Properties are a significant investment, and you can’t help but think about what you’d do if something happened to your home. You can endure many sleepless nights worrying about natural disasters, vandalism, theft, and accidental damage. That’s why organizing your insurance can be one of the most critical tasks while buying a new home.
Research the best all-encompassing home insurance policies, the inclusions and exclusions, and how to handle home insurance claim disputes if they should arise. Once you have insurance, you can feel a huge weight lifted from your shoulders!
Calculate Your Costs
Finances are one of the most stressful factors related to buying a new home. It’s only natural to worry about how much homeownership will cost and whether you’ll be able to afford your new obligations.
Banks don’t typically lend more than you can afford, but you might feel better by calculating all associated costs and comparing them to your income. If you’re nervous about how little you have left for unexpected expenses, you can also brainstorm ideas to make more money, like taking on an extra job or advertising for a roommate.
Involve the Experts
You can’t navigate your homeownership journey on your own. You need a support network of loved ones and experts who can help guide the way. As soon as you know you’re ready to buy a house, reach out to people who can help.
Realtors, lawyers, mortgage brokers, and building inspectors are a few of the many people you can rely on to help you make informed decisions. It’s also important to surround yourself with friends and family who can provide support and stress relief when you need it the most.
Plan for Moving
It’s not just the financial and paperwork side of buying a house that can be fraught with challenges. The logistics of moving can also have you tearing your hair out. Just as you would plan and budget for affording a house, create a plan for moving.
Your plan might include selling or giving away items you don’t need, booking a moving company, and ensuring you have enough packing materials. Creating a plan for pets and children can also be important. For example, you might book your pets into a boarding facility on moving day and send your children for a sleepover with loved ones.
Take Your Time
With so much on your to-do list for buying a house, it can feel like you have to hurry through all the steps. While many house-buying tasks do have deadlines, it’s important not to rush the process. Read your loan agreement documents thoroughly, ask for clarification if needed, and research a house before signing on the dotted line. The more time you set aside for research, the more sure of your buying decision you can be.
There’s no denying that transitioning from renting to owning is a huge undertaking that comes with a great deal of stress. However, it doesn’t have to be a process you remember for all the wrong reasons. Take these actions above for a memorable and straightforward house-buying process.
Lynn Place is Vice President of Marketing for SolvChem Custom Packaging Division. She has 30 years of professional experience in the manufacturing industry and specializes in consumer packaged goods, new product development and strategic planning.
