Making The Jump From Tenant To Homeowner

Making The Jump From Tenant To Homeowner

Becoming a homeowner for the first time is an exciting and stressful process. However, once the papers are signed and the keys are in your pocket, your work really begins. Homeownership can be fraught with financial and emotional perils, especially if you've been renting from a landlord up until now. Landlords are on the hook for not only minor repairs, but also major upgrades, yard work, taxes and fees associated with building ownership as well as normal upkeep such as painting and cleaning carpets.

Before You Buy

The best way to make a smooth transition to your new home starts before you buy. A proper inspection can alert you to problems that already exist with the property. New homes shouldn't have many issues, but it's always wise to get an inspection anyway to ensure that everything has been installed properly. After inspection, you want to work on your budget. You should build home maintenance and upkeep into your monthly budget.

A basic rule of thumb for your maintenance budget is to put aside one percent of your home's purchase price per year. This means if your home cost $300,000 then you should put aside about $250 a month for home major home repairs. Of course, new homes shouldn't need immediate major repairs, but by saving this money from the get go you'll never have nasty surprises when an appliance breaks down, or when you need a new roof in 10 years.


Deidre DiTaranto Headshot
Author:
Phone: 941-400-0181
Dated: February 1st 2017
Views: 2,168
About Deidre: Deidre is a full-time Multi-Million Dollar producer working with home-buyers, sellers, and investors...

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