Transitioning From Renting To Owning A Homeowner
Most people enter the real estate space by renting a property. But at some point, we all have to transition from paying rent to buying our first home because of the great perks that come with this change. Similarly, buying your first home is a major financial move—one you should not make at the wrong time. Therefore, it is important to know when to make this crucial transition.
The first half of this blog explains why the transition is important, while the second half discusses how to determine the right time to make the switch.
Why Should You Become A Homeowner?
Here are the top reasons you should quit renting a home and buy your first home:
1. You save more.
You can save more money as a homeowner by paying a lower monthly payment. Mortgage payments are usually lower than rent, partly because rental property owners inflate the prices to ensure they make a profit, especially for new construction homes St Augustine. On the other hand, owning a home absolves you from paying premium rent—you pay lower monthly mortgage payments.
2. You are investing.
Going into a 20-year or 30-year mortgage is more than paying monthly premiums. You are also investing long-term by building equity in your property. You are in line for potential dividends in the future. Buying a home also protects you from the cost implications of an increase in rent, which is usually out of your control. As a homeowner, all you have to do is work around your mortgage payment, which remains unchanged till the end of the tenure.
3. You enjoy more privacy.
Most renters end up sharing walls, floors, or ceilings with other occupants in apartments close to theirs. This may be inconvenient, especially if you have noisy neighbors who do not respect privacy. In contrast, buying and living in your own home gives you a great deal of privacy to do what you like when you like without the fear of affecting others.
When Should You Become A Homeowner?
Having established the benefits of being a homeowner, let’s look at the signs that show you are ready for the switch.
1. You have a stable source of income.
Putting together a down payment for your mortgage and paying monthly premiums require having a reliable income source. So, the first step is ensuring you have enough money to foot these bills and any other extras that may arise in the process.
2. You have an emergency fund.
Spending all your money on new construction in St Johns, FL, is the wrong financial move. As an experienced Jacksonville realtor, we often advise our clients that putting all their savings for a mortgage down payment, no matter how decent-sized it is, is dangerous. It drains you completely, leaving you struggling to meet up with the additional costs for maintenance and upkeep.
3. You know what you want and where to find it.
You are only ready to buy a home when you know the type of home you want and where to find it. For example, if you live in Jacksonville and prefer new homes, you are looking for new homes for sale in St. Johns County, FL, or new construction St Augustine, FL. Decide if you want a family home or a condo, and research properly about the neighborhoods you want to live in.
4. You have a reliable real estate agent to work with.
The role of a real estate agent in buying your first home cannot be overemphasized. The entire process can get overwhelming for first-timers, so you need a knowledgeable and experienced professional to hold your hand through it. A realtor in St Johns will explain how the process works, including shopping for a home, getting a suitable mortgage, and closing the purchase.
Let’s Help You Become a Homeowner in St Augustine
If you are in the market for a top real estate agent to help you buy your first home in Jacksonville, your search ends here. Sarah Schwartz is an experienced real estate agent who has what it takes to make your transition from renting to owning a home as seamless as possible.
Call or email today.
