What to Expect When Going From Renting to Buying

June 5, 2022

The switch from renting to buying is a big one, and while it can be a little overwhelming at first, it’s ultimately a great feeling when you finally take ownership of your very own home. Working with a company like Rose Anne Erickson Realty that truly understands all the details of Columbus GA real estate will go a long way in making the process clearer and easier from the start. Still there are some things you should consider before even starting your house hunt.

First off, you need to know what your budget is. Be realistic about how much you can afford to spend each month. Don’t forget that it’s not just the mortgage and utilities. There’s also mortgage insurance, homeowner’s insurance, property taxes, and potentially home owner association (HOA) fees. There’s also the cost of maintaining your home, from the roof to the lawn. Any problems will be your responsibility to fix, though some homeowner’s insurance can help and that extra cost can be a big money saver. Plus, if you choose to buy a brand new home, you may also have some of the home covered under a warranty.

Remember, also, that buying a home takes longer than renting an apartment. There’s more paperwork and generally you should get pre-approval for a mortgage before starting the actual search for a house. This helps when it’s time to make an offer, because the sellers know you’re essentially approved by a lender and the deal will be more likely to go through. However, it’s important to look at a variety of lenders and see what they can offer so you can find the best deal that you feel comfortable with for 15 to 30 years, potentially. Also look into any programs that are designed to help first-time homebuyers with better interest rates, etc. It truly pays to do your homework ahead of time.

The other part of your homework is getting a feel for where you want to purchase a home. Consider the whole neighborhood, local schools, and whether the neighborhood is increasing or decreasing in value. Your agent should be able to help guide you to the kind of neighborhood you want and can afford. This is important, because you want to build equity in your home. As you pay off your mortgage, you are building equity. You don’t want to choose a home that is going to lose value in the future. You want a home that will hopefully increase in value, earning you more money if you decide to sell. The quality and location of the neighborhood matters.

A good real estate agent can be a huge help as you start this process. As long as you know your budget and roughly where you want to live, they can help guide you and answer a lot of your questions, easing some of the stress of this big change. If you’re looking at Columbus GA real estate, definitely contact Rose Anne Erickson Realty. Our agents are happy to help you find a first home you can truly enjoy.

Categorised in: Agent Tips, Community Info, Uncategorized, What to Expect When Going From Renting to Buying

This post was written by Rose Anne Erickson