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July
8
8
Transitioning from Renting to Owning: A Five-Step Guide
If you've been renting for years, you may be itching to finally buy your own home. Transitioning from renting to owning is a very exciting step. It can have its challenges along the way, of course, but if you take a systematic approach, you can maximize the excitement and minimize the frustration. Our REALTORS® have worked with many first-time homebuyers, and they understand what it takes to go from renting to owning. Here are five steps they suggest you follow.
- Step 1: Save Up
When you buy a home with a mortgage, you need to make a down payment. Some mortgage programs, like FHA, allow first-time homebuyers to put down as little as 3.5%. However, if you can manage to save more, that's often even better, as it means you'll be able to take out a smaller loan. - Step 2: Set a Budget
Once you have a reasonable amount of money saved, it's time to figure out how much house you can afford. While there is no cut-and-dry way to do this, there are a few "rules of thumb" you can depend on. A common guideline is to buy a house worth no more than three times your annual salary. You could also take the amount you pay each month for rent and work backward from there, calculating the value of a home you could buy while paying that same amount toward a mortgage each month. - Step 3: Find a Real Estate Agent
You can actually start working on this step at the same time that you're completing Steps 1 and 2. If you find an agent early on, they can help you with tasks like deciding on a price range and calculating how much you'll need for a down payment and closing costs. Don't be afraid to talk to a few agents and see who is the best fit. As a first-time buyer, it's important to work with an agent who knows the area well, is happy to explain the process to you, and offers advice that you can understand and put into action. - Step 4: Make a List
Once you have an agent selected, make a list of features you want in a home. It also helps to rank them by priority. Put an "A" next to features you must have, a "B" next to ones you'd really like to have, and a "C" next to features that feel like a reach. Share this list with your real estate agent. This way, they can focus on taking you to see homes that are in line with your needs and preferences. - Step 5: Make an Offer
Make sure you look at plenty of homes to get a good idea of what's on the market and what you really prefer. When you find "the one," you'll know! Then, you can work with your real estate agent to make an offer. Your agent can help you decide how much to offer, and they can negotiate on your behalf. With any luck, your offer will be accepted, and you'll soon be a homeowner.
If you have any other questions about buying your first home, feel free to contact Wright-Patt Realty. We can guide you through the process and help you find the best Beavercreek homes for sale.