The Transition from Renting to Buying
Making the change from renting to buying is a big step in anyone’s life. Are you longing for that sense of home and belonging that comes with owning your own house or property?
No matter how far away homeownership is to you – there are important factors to consider before buying a home. It can empower you, but there is some homework that you have to do along the way.
While we focus on the escrow and title processing side of real estate, we want to help you prepare for this transition and feel comfortable with buying a home. We help make buying a breeze all the way through the closing table. Here is True Concept Title’s guide to the benefits of you moving from renter to owner!
Buying a Home Takes Time
Remember – homeownership doesn’t happen overnight – and you wouldn’t want it to. The process takes time, and there are a lot of moving parts along the way. Patience is essential, as well as open communication with your real estate agent and mortgage broker.
Make informed decisions about your mortgage terms and where you want to live before beginning your home search.
When you find that perfect place, make sure to have extra peace of mind – and a clear title –with our team. You have a choice in title just as you have in your dream home, choose True Concept Title.
Renting or Buying: Where Is Your Money Going?
The costs associated with renting and buying can be much different. With renting, your living expenses are typically rent, a security deposit, utilities, and special fees for pets or even parking. In renting, your rent goes to a landlord that is either put towards their mortgage payment or kept for profit.
As a homeowner – your costs include the mortgage payment, property taxes, HOA fees, and any fees associated with the upkeep of your home. Mortgage payments go to pay the principal balance on your loan plus any accrued interest until payoff. The benefit of owning a home is that these payments go towards your own financial growth.
A Lifestyle Shift
This is a big moment – congrats on moving on from renting. This will be a positive shift as homeownership comes with more stability and less moving. You can engage with your community when you own a home.
Another plus to owning your own place is that you can decorate and make your house look exactly how you’d like it to. You can design and renovate your dreams in a space that you own. Make sure to save enough for your closing costs and whatever new décor your home needs!
Looking for Long-Term Financial Growth
Owning a home can also mean financial stability over time. Your money could eventually make it’s way back to you – rather than to a landlord.
You also get to start building equity as well – and equity is an asset. As it grows over time, you can use it for other things – like an investment property, retirement, or as something to will to your family.
This is the biggest financial investment of your life so make sure to protect it. Title insurance will ensure the property is clear of any costly liens or other issues that could put your ownership in jeopardy.
Work With Experts
Before you start your search, talk to a mortgage broker to know what you’re pre-approved for. That way, you can search for homes that suit your location and budget. You should limit your online property search to close to this budget so you don’t tour homes you can’t afford. A pre-approval letter in a hot real estate market is always key.
As you decide to buy a home, it’s important to seek out a real estate professional to help you on your journey. This person should be accessible and have your best interests in mind throughout your professional relationship. They will help make your move as easy as possible.
And remember, the paperwork can be the hard part. Close with confidence! You have options when it comes to your title – make the right choice. Call us today to learn more about our services and how we can help you.
