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How to Successfully Transition from Renter to Homeowner

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Tue, May 01, 2018 at 9:00AM

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There’s a good reason purchasing a home is a large part of achieving the American Dream. There are a wealth of benefits and opportunities to owning your own property.

For some people used to long-term rental arrangements, however, successfully making the transition from renter to first-time homebuyer can seem daunting. It doesn’t have to be. Advice and assistance are available from a variety of resources.

One of those is a skilled and knowledgeable REALTOR®, who can help you determine your unique desires and requirements, and then locate the ideal property to match your lifestyle and interests. Here’s how to get started:

Understand the Requirements

Buying a home is an exciting and life-changing event. This is the spot where you’ll spend a great deal of time, possibly raise a family, and maybe even retire. For many people, houses are more than mere structures, they’re a major part of what makes us who we are.

Aside from emotional connection, however, there are some important ideas to consider. For instance, repairs and upgrades in a rental unit are the responsibility of the homeowner. When you take on that role, these tasks now fall under your direction to either fix yourself or contract out to a qualified professional. There are also other financial considerations that come with homeownership, including taxes, insurance, and homeowner’s association (HOA) fees, if applicable. 

In addition, you’ll need access to upfront cash to cover expenses such as down payment, closing costs, and other fees associated with property sale.

Realize the Rewards

Still, it’s important not to overlook the big benefits of buying a home. Since this will likely be your residence for several years, you get the opportunity to forge lasting friendships and important bonds with neighbors and others who frequent your community.

In addition, you’ll never have to ask permission to make upgrades to the interior or exterior of your own home. Many new homeowners appreciate their new-found freedom and flexibility. A favorite starting spot for creativity and implementing new ideas involves landscaping. Other popular projects include painting, decorating, and simply making your property a reflection of your own personality by adding unique and interesting objects and accents.

There are also huge tax benefits to property ownership. Mortgage interest and property taxes are tax-deductible. In many cases, mortgage payments are also significantly less than what you’d pay in a monthly rental fee. In addition, mortgages can be refinanced and housing terms re-negotiated at regular intervals. This luxury is typically not afforded to those who rent.  

Rake in the Benefits

You might have heard the term “building equity.” In short, the closer you get to paying off your home loan, the more equity you’re able to amass. Meanwhile, rent payments reset every month, leaving you with nothing to show but another bill.

In addition, most homeowners enjoy increased privacy than those living in cramped rental quarters. Then there’s the fact that the pride of ownership that comes along with purchasing a new home makes you feel like part of the community and encourages you to become more active in local events and meet new friends.

Reach Out for Expert Assistance

Details surrounding the purchase of a new home can seem complicated and overwhelming for some. However, with the help of a friendly and knowledgeable Mount Dora REALTOR®, the process is smooth and enjoyable.

Living and working in the Lake County area for more than 35 years, we know Mount Dora real estate and the best homes available in the best neighborhoods. Heavily involved in the community, we also understand the importance of establishing and maintaining strong connections with neighbors and regional visitors. Feel free to contact us anytime with all your questions about buying or selling property in Mount Dora and Lake County.  

 


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