From Renting to Owning: Making the Transition

When you’re renting your current space, the owner of the property is responsible for many things. As a tenant, you have to make sure that you pay the rent on time, take out the trash according to the schedule provided by the property manager and make sure the unit is in decent condition. That’s all there is to it. Other tasks, such as fixing broken pipes and keeping the property in good condition, are the responsibility of the property owner.

Owning a property, however, is a different story. When you own your home, you can do whatever you want with the property. If you don’t want to remain a renter all your life, you have the option of buying a home.

Before you can sign the contract for one of those house and land packages located in Melbourne West, you need to learn how to transition from being a renter to a proud owner of your home. Here is what you need to know to go through the transition smoothly:

Be Absolutely Sure You’re Ready to Commit

Purchasing a home is a huge commitment. It’s not an overstatement to say that this could be the biggest financial commitment you’ll ever make in your life. Be sure that you can afford to pay for the monthly mortgage payment today and in the years to come.

Besides the mortgage, you have to factor in the maintenance expenses and other fees that come with homeownership. Keep in mind that it’s a lot more difficult to sell a property than end a tenancy. If you suddenly have to move because of a promotion at work or some other circumstances, you’ll have to put the property up for sale. It’s not going to be as easy as giving the owner notice that you’re leaving. It can be a costly, time-consuming process, so you have to be ready to make that commitment to switch from renter to owner.

Be Prepared to Do Some Repairs on the Property Yourself

Neighbours

One of the benefits of renting is that when something requires fixing, the property is in charge of getting the job done. All you have to do is get in touch with your landlord as soon as possible and let them handle the problem within a reasonable amount of time. No need to get those wrenches yourself or pay a handyman.

When you own your house, however, you’re in charge of fixing every single problem in your home. You have two options: you either fix it yourself or pay someone to do the task. Even a brand new home in a relatively decent condition will require some maintenance down the road.

Make Friends with Your Neighbours

When you’re renting a unit in a building, most of the occupants in the building are renting, as well. In situations like this, turnover can be high, which means you can live in the same unit for months, even years, without ever knowing much about your neighbours.

That’s not the case if you’re a homeowner. If you buy a home, you can expect your neighbours to be in the community for a long time. So, try to establish friendly relationships with them so you’ll have people who can help you in case of any problems or emergencies.

These are the suggestions to keep in mind when you switch from a renter to an owner. If you’re mentally, emotionally and financially ready to become a homeowner, go ahead and make that leap.

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