The home buying process isn’t easy. Especially at present, with the added layer of complexity brought on by the pandemic, buying your own property takes considerably more time and effort. It can be daunting and complicated but the payoff is worth the extra steps we take to ensure the safety of all during the transaction.
Owning a home is life-changing. If you have been renting a place for the better part of your life, becoming a homeowner offers an unmatched sense of security. As long as you live within your means and conscientiously pay your mortgage, you and your family can live in your starter or forever home for as long as you want.
Unbeknownst to a lot of longtime real estate renters, the difference between renting and owning a home can be staggering. Here are a six ways your life can change once you sign your name on the mortgage and close on a home:
You can finally save
The amount of your monthly mortgage depends on several factors. However, more often than not, your mortgage is likely to be much lower than the rent that you used to pay. Most people who transition from renting to homeownership are surprised about the extra cash that this life-changing decision affords. Of course, there are some caveats to this perk. But for the most part, owning a home can allow you to build your savings.
You buy things you’ve never owned before in your life
When you rent an apartment or a home, repairs on the property fall on the landlord’s shoulders. This means that most renters probably have never owned a set of tools in their lives. Once you buy a home, all of the repairs become your responsibility.
Experts agree that one of the first things a new homeowner should get is a standard toolkit. Having this in your house can help you deal with repairs without having to shell out money to hire professionals.
You become more interested in home improvement shows
One of the most frustrating things about renting a property is the limitations on the alterations you can do to the space. There are landlords who don’t even allow their tenants to bore holes into the walls of the apartment.
Owning a home means you have free rein over what you want to do with the square footage that you have. When it comes to renovation projects, you can do whatever you like. That said, you find yourself watching more home renovation shows than you ever did before.
You have more items on your daily to-do list
Again, one of the responsibilities of owning property is having to take charge of maintaining your home. You no longer have the help of a building manager or your landlord in case your HVAC system acts up or you find unwanted critters in your house. Beyond repairs, daily upkeep takes a lot of commitment.
You learn how to fix things
Hiring professional repair service is expensive. After all, you are paying for specialized skills. However, you are likely to bore a hole in your pocket if you call a repairman every time something breaks down in your home. Prepare to become handier at fixing things once you sign your mortgage.
You become more in tune with the housing market
When you pay your rent, that money is gone forever. You are essentially sinking your money on a piece of property that isn’t yours. While this set-up might make sense for folks fresh out of college, long-time renters realize that they would rather put their rent money into something that will yield a return on their investment.
When you pay your mortgage, you gain equity. Equity is the portion of your home that you’ve paid off. To determine the dollar value of your equity, calculate the appraised value of your home and subtract your outstanding mortgage and loan balances. Your equity builds over time as you make timely payments on your mortgage, undergo home improvements, and when property values rise. In time, you can collect your equity when you decide to sell your house and use it as down payment on your next home.
Knowing all these can set you up to becoming a homeowner that is aware of what is going on in the real estate market. Thus, you can make informed decisions on your home, like planning renovations or deciding when to sell.
Truth be told, there is nothing quite like the pride of owning your own property. Finally having a space that you have total control over is one of the most adult things that you can experience in your life. That said, finding the home of your dreams in Eastern Washington is easier said than done given the tight market.
But with the help of an experienced real estate agent who operates locally, you increase your chances of closing on a home that ticks many of the boxes on your wishlist.