Are you thinking of finally moving out of your rental and taking the plunge into the homeownership pool? It’s a tough decision to make and there are many factors to consider when you’re going from renting to owning. It can be tough to get the process started and fully know what to expect.
Whether you’re preparing to close on a home, or you’re just learning about down payment percentages, the differences between renting and owning are vast, especially when moving from a small apartment to a house with multiple floors.
If you’re ready to set off on the path to homeownership, here are some major differences between renting and owning that you can expect after you purchase your first home.
Before moving from an apartment to a house, it’s a good idea to go over your finances. Ask yourself these questions:
- How much do I/we currently have saved?
- How much more are we willing to pay per month/year for a place to call home?
- Do I/we have steady employment?
- What is my/our credit score?
Once you feel comfortable with the answers to these questions, you can map out the additional expenses that come with homeownership.
Renting seems simple enough, right? Each month, you pay rent, utilities, and in some cases, parking. Your landlord is responsible for any maintenance and repairs that take place during your lease.
Owning a home is much different. When you’re going from renting to owning, consider these additional expenses:
- Down Payment
- Property Tax
- Mortgage Insurance
- Homeowners Association Fees (HOA)
Not to mention, you are responsible for maintenance and repairs, as well as ALL utilities.
First thing’s first. Talk to a mortgage lender about getting pre-approved. Once you understand the financial difference between buying and renting a house, the loan amount you are allowed to borrow, and what the current interest rates are in today’s housing market, you’ll feel more confident making this big decision.
If you’re a self-proclaimed DIY-er (thank you, HGTV, for making us all feel like we can be!), this point shouldn’t affect your decision too much. That being said, before you get too excited about buying a home, consider the fact that when going from renting to owning, you, as the homeowner, will be responsible for any maintenance the house might need.
Renters often take for granted the luxury of not being expected to pay for repairs and maintenance. This isn’t the case with homeownership. One major difference between buying and renting a house is the maintenance that comes with it. Before you buy, think about all of the time, money, and energy you are going to put into:
- Lawn Care/Landscaping (see our tips for Creating Curb Appeal on a Budget)
- Snow Removal
- Leaf Removal
However, there is one huge positive to take away from this. As a homeowner, you can do whatever you want to your space. From paint, to design, to fixtures, etc., you don’t have to run your ideas by a landlord before making a change. Better yet, buying a home in our Lilyana community makes adding upgrades and personal touches easy as pie.
You can take a virtual tour of available homes and preview floor plans to get a sense of all of the design possibilities. Lilyana homes are built to reflect the tranquility and convenience of the community and our expert realtors have made it easy to tour the home of your dreams wherever you are. Find out more about Lilyana and all of the great things you can expect when you call Lilyana home.
Although you may be a seasoned renter by now, there is always uncertainty with living in a home or apartment you do not own.
Moving from an apartment to a house can make you and your family feel more settled. Instead of always signing a new lease or researching a new place to stay. Why not plan to plant roots (metaphorically and literally) for a lifetime?
You and your family can feel freer knowing you don’t have neighbors living directly above, below, or next to you. Your kids can use the yard as their own playground while you host family and friends for a cookout. Have you waited all this time while renting to own a pet? Becoming a homeowner allows you to finally give an animal the loving home it deserves!
Doesn’t that sound ideal?
As a renter, you can’t predict if your landlord will sell the building or increase rent payments. Homeownership takes away that unknown!
For many people, being able to live out the American Dream, means owning a home. The difference between renting and owning comes with pride-of-ownership and a permanent place to call home.
(It also comes with not having to lug groceries up flights of stairs or into elevators!)
Moving into a new community allows you and your family to explore your surroundings, make connections with neighbors, and really become one with your city.
Have you considered moving to a master-planned community? At Hillwood, we pride ourselves on building and creating communities that are anything but cookie-cutter, just like our homes at Lilyana.
Owning a home in our Lilyana community means comfort, tranquility, convenience, and much more. The homes in this conveniently-located community (just 10 miles north of Frisco!), are affordable and provide all of the amenities you and your family desire.
Now that you’ve read through some of our thoughts on homeownership, we hope you feel inspired to take the first, however small, step towards your forever home.