• Do your homework. Learn as much as you can about the home buying process and the steps involved. “The home buying process is not as quick and easy as signing a lease. It requires months of paperwork, offers and counteroffers, negotiations, and inspections,” comments Cara Pahoyo, writer for 360training.com.
• Understand your timelines. On average it may take from 30 to 50 days to close on a home. “The closing period is agreed upon once you go under contract, but it can be delayed and the period extended due to unforeseen circumstances, like a failed inspection,” according to apartmenttherary.com. This means you’ll have to strategize on the timing to end your lease. Your real estate agent or mortgage broker can help you plan the right timing, based on your lease and budget.
• Be prepared for the differences and responsibilities you’ll take on. “Consider all the ways owning a house is different from renting as well as the benefits of homeownership,” suggests blogger Caro Pahoyo of 360training.com. [Recommended: To Buy or Not to Buy: 6 Things to Consider]
• You’re responsible for maintenance. If anything breaks, you have to fix it or pay someone else to do it. There’s also a lot of preventive maintenance to keep a house in good condition.
• There’s more commitment but also more opportunity. “The land and buildings are yours. You can do nearly anything you want to make it your home. Also, in the long run, home ownership is more financially lucrative,” says Pahoyo.
Becoming a homeowner is a big step! Taking some time to proactively evaluate how this change will impact your lifestyle can help ease the transition, so you can concentrate on enjoying your new home.
Sources: 360training.com; apartmenttherapy.com; chase.com; panfloridarealty.com
