For renters who aspire to be home owners, transitioning from an apartment to a house requires a shift in their thinking that they may not be prepared to make. 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 may not be thinking about enough.
As your potential real estate agent, it’s important for us to be there for you when you are embarking on a life-changing event such as buying a home.
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. In order to be your most reliable resource, we use our knowledge and experience to provide you with guidance. We lead the way so you can live your life. Look over these helpful nuggets of information so your transition from renter to owner can be as smooth as possible.
- You need to understand how your financial investment is changing. As a tenant, you may see an increase in the 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 home owners, you won’t have a landlord who handles all those details, so you need to be ready to juggle the financial responsibilities of home ownership. Budgeting is all-important process you must master to help you make smart financial decisions during this process and beyond. We know how to budget, and what money goes where. We know how to help you.
- You need to be happy with your 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 we will help you evaluating school districts, access to amenities, and commute time now as you search for your next home.
- You may need to abide by new rules. Renters don’t think about possible homeowner association rules that may govern them; such as trash pickup rules or any curfews or rules pertaining to animals. We will help you get all the information on neighborhood rules and associations to help you understand what your new obligations will be.
- You’ll need to get into the mindset of a home-owner. Your life is about to change. Once you buy, you won’t have a landlord to tend to property maintenance. We can provide you with contact information for local industry experts. You will eventually need certified specialists ranging from HVAC companies to carpenters to electricians. You don’t have to do everything yourselves.
- You should know who your neighbors are. Renters don’t care who their neighbors are as long as they’re quiet (enough). But you probably want to know whether their new neighbors are renters or home owners. This knowledge can help your clients gauge current and future home value in the neighborhood. If the neighborhood consists mostly of rental properties, it is likely to lessen property values 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. We work hard to give you a full view of the neighborhood, whether its increasing, decreasing or stable, and what the long term prospects may be.
Source: Rob Rimeris is owner of EverSafe Moving Co. in Philadelphia. This article first appeared in Daily Real Estate News | Thursday, August 11, 2016. We modified it somewhat.