“moving can already be one of the most stressful times in a person’s life…”
For renters who aspire to be home owners, transitioning from an apartment to a house requires a shift in their thinking that they may not be prepared to make. The financial changes that come with owning, the need to consider planting longer-term roots in a neighborhood, and new neighborhood rules are things renters may not be thinking about enough.
Moving can already be one of the most stressful times in a person’s life, but it may be doubly so for a new home owner.
Renters need to understand how their financial investment is changing. Renters may see an increase in their monthly rent every lease term, but they don’t see exactly where it goes — toward property taxes and insurance, even “luxuries” such as trash pickup. As home owners, they don’t have a landlord who handles all those details, so they need to be ready to juggle the financial responsibilities of home ownership.
Renters need to be happy with their location for the long-term. As a renter, you can bounce around from home to home every year if you want. But when you own a home, you have to stay put — unless you plan on renting it out, which most home owners don’t.
Renters may need to abide by new rules. Renters don’t think about possible homeowner association rules they may be governed by, such as trash pickup rules or any curfews or rules pertaining to animals. Make sure to get all the information on neighborhood rules and associations.
Renters need to get into the mindset of an owner. Life as you know it is about to change. Once you purchase a new home, you will no longer have a landlord to tend to your many needs, including lawn care and plumbing.
Renters should know their neighbors can affect their value. Renters don’t care who their neighbors are as long as they’re quiet (enough). But they are now going to want to know whether their new neighbors are renters or home owners. This knowledge can help you gauge current and future home values in the neighborhood. If the neighborhood consists mostly of rental properties, it is likely a home owner will lose money on their house in the future. Renters do not always feel responsible for maintaining their properties the way home owners do. Property value comes down to curb appeal. Less-appealing neighborhoods often have more-appealing prices, which is not always good for buyers and home owners.
References: EverSafe Moving Co.
Any questions or concerns about this blog or anything real estate, please contact us direct.
Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Lapeer Office 810-338-0628
Team Success Listing Website
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