The decision to become a homeowner after renting is a big but exciting one. If you’ve recently bought a home or are in the process of shopping for a new home, there are some things to consider as you make this life-changing transition. To know more about how to transition from being a tenant to homeownership, read on.
Protecting Your Future and Home
As someone in the middle of buying a home, or considering the transition between living in a rental property and owning, you know exactly how expensive homeownership can be. Before moving into your home, or even after, it’s important to make sure your finances and wallet are protected through a home protection plan. While you may have once carried renter’s insurance as a tenant, it was still up to your landlord to make major repairs. Now, with your own home, big repairs could cause stress and hardship if you don’t get protection. America’s First Choice Home Club was founded to provide affordable, comprehensive protection against the high cost of repair or replacement of properly maintained major systems and appliances.
While there are many pros to owning a home, one downside is that homeownership comes with major responsibility that renters don’t have. Many people who have never owned a home before don’t think about the home systems like plumbing, heating, cooling, and more that they’ll now be responsible for. From the dishwasher to the washing machine and the water heater, the appliances and home systems you could once call your landlord about will now be your responsibility to cover. From routine inspections to maintenance plans, you’ll want to have a plan for how you’ll handle these issues as a new homeowner.
Tying Up Loose Ends
It’s a good idea to give your landlord reasonable notice about your plans to move out. It’s the landlord’s right to decide whether they will allow you out of a lease early or if they’ll charge fees for a lease violation. Maybe you’re in the middle of a rental agreement when the perfect home comes along. Your best option is to have an honest conversation with your landlord and do what you can to negotiate the early termination of your lease.
If you’ve ever wondered about questions like can a landlord inspect a rental property or what’s a landlord’s right when it comes to showing an apartment to prospective tenants, it might be time to get legal advice about how to end your lease in a way that works best for all involved. If you’ve been a good tenant, many landlords will allow you out of a lease early provided they can find a new tenant to take your place. At the very least, you will want to be sure to give your landlord proper notice and be aware of any cancellation fees before considering handing over your keys.
Moving Day and More
After you’ve cleaned out your rental unit, talked to your landlord, moving things out of storage, and worked with real estate professionals to close on your new house, you’ll need to be ready for that final big move. Start by packing well in advance of the move. If you’ll be traveling cross-country or long-distance, consider hiring a moving company for help with your transition. Not only will this give you peace of mind, but it can free up time to deal with the fine print that comes with owning a new home.
At the end of the day, doing your research ahead of time, protecting your future in your home, tying up loose ends with a landlord, and taking homeownership one step at a time will make the entire homeownership experience a great one. Congratulations on your decision to enter the world of homeownership!
