From Renter to Homeowner

Renter to Homeowner Considerations

Renting is a good way to live in different neighborhoods before committing to buying.
It’s easy to research nearby grocery stores, shops, school districts, etc. online, but you may want to consider other day-to-day factors such as your work commute or neighborhood noise levels (construction, traffic, etc).

Some important factors in purchasing a home includes a down payment and your credit score. Where do you currently stand?

While you’re renting, you can use this time to budget and lower / eliminate any debt to have the best financial starting point when you begin your property search.

Purchasing a home is a larger commitment to your property, including a mortgage, unexpected expenses for maintenance or repairs, property taxes, etc.
While a monthly mortgage may be equal or less than your rent payments, you may want to consider these additional budget and legal responsibilities.
Another consideration is the type of property that you want to invest in. Other than location and property size, you may want to think about what other home features you value. For example, would you rather have a large kitchen or more outdoor space? Onsite parking or in-unit laundry?
As a renter you can begin to decide what you find valuable in your home and how much these elements would affect your property search.