Renters: Are You Ready to Buy? Know What it Takes to Own a Home

Posted by Justin Havre on Friday, July 14th, 2017 at 8:53am.

Hidden Costs Between Buying and RentingHome ownership is seen as a positive step toward financial security. For many young adults, owning a home is a sign of having achieved a great goal. However, there can be nearly as many cons as pros in home ownership, and anyone who is used to renting must be aware of the differences before deciding whether or not homeownership is right for them. 

Budget For Home Ownership

The great advantage of renting is the lack of financial responsibility for the property. Need something fixed? Call the landlord! This is not so with home ownership. As a general rule, homeowners are recommended to set aside at least 1 percent of the cost of the house for home maintenance every year.

Home maintenance may vary from one year to the next, depending on the age of the house, the condition of the home's systems and other variables. Older homes, be they in Air Ranch or elsewhere, need a lot of ongoing work, including plumbing repair, electrical work, roofing repair and so on. If you're thinking about buying a home and are not sure how much repair the property needs, it's a good idea to get a home inspection completed by a professional.

Having a home inspection performed can help you determine approximate costs immediately upon move in. Getting a home inspected can also help you determine what kind of care the home received from previous owners. While every home will have something wrong, there are degrees of severity when it comes to hidden damages. A home with expensive problems such as a leaky roof and a significant mold problem has probably not been well cared for and may need a great deal of TLC to get it back in proper working order. Budgeting appropriately for renovations can help you take care of a home once it has been purchased.

Do You Have Time?

Homeownership requires a lot of time as well as money. There's always something that needs to be fixed. Meeting with contractors, repair people, pest control people and other home maintenance professionals requires significant effort on the part of the homeowner. Renters who have little or no job flexibility to meet with home repair professionals may not be ready to buy a home. 

You'll Need a DIY Spirit

In addition to financial resources and time, it's also important to have a DIY spirit for making home repairs. Many people learn how to perform basic repairs when they move into their first house. Some common repairs that homeowners take on for themselves include:

  • Replace the parts inside the toilet tank. 
  • Paint the interior of the home.
  • Refinish the deck. 
  • Seal the asphalt driveway. 
  • Tear down old fencing, put up new fencing.
  • ... and much more.

People who have no experience completing these tasks on their own can learn to take care of their house by watching online tutorials, reading books, subscribing to homeownership magazines and by talking to the professionals at home improvement centers. If you are a renter thinking about buying your own home, it's a good idea to buy a tool box and some basic tools. Having tools on hand can help make the experience of owning a home easier and more satisfying. 

Work With A Real Estate Professional

Working with a real estate professional can help you determine whether or not now is the right time for you to buy. To get started with a home search, contact a reputable, well-known real estate agent today. 

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