Making the Transition from Renting to Buying

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Making the Transition from Renting to Buying

Owning a home is expensive, however it is also very rewarding.  People always talk about the "expected" or known costs of owning a home but they don't always think past the initial purchasing costs. Have you considered what it will cost once the home is yours?  Additional costs for things like lawn mowers, new appliances, and furniture adds up.  When thinking of transitioning from renting to buying, make sure you have considered these "extras."

Although owning a home is a sound investment, realtors can never give you an exact amount of what your home will be worth in 5 years.  Value relies on too many uncontrollable factors.  We can give an estimate if the trends and property condition remains constant but that will only be our best guess and is vulnerable to change.

As for the mobility, contrary to many beliefs, owning a home doesn't tie you down.  When you rent, you usually have to give 60 days notice.  This means that you will probably be writing another cheque for another months rent.  When you own a home and you want to move, once you  make the decision, your house can be up on the market within that same day!  And instead of writing a cheque, you will receive one.  Work with an experienced realtor and list your house at the proper price point and it should be sold long before the 60 days you would have to wait for renting.

One of the reasons I love owning my own home and think that buying your own home is a great decision is that you can do what you want with it.  When you rent a home, there is only so much you can do to make it your own and everything needs written permission from the landlord.  Owning gives you all the freedom you need and it ends up feeling more like home.

Hope this helps if you are trying to make the transition from renting to buying.  If you have any questions or need help starting the search for your first home, please don't hesitate to contact me!

Sincerely,

Astra Mulawka
Better Homes and Gardens
Real Estate - Signature Service
Office:905-896-4622