Are you thinking about buying your first home after renting apartments for a while? This is an exciting step and one that many people dream of for years. But there's more you can do to prepare to shift from being a tenant to being a homeowner. One great way to prep is to rent a single-family home first. How will this help you as a homeowner? Here are a few important ways.
1. See If a House Is Right for You.
Owning a home of your own is considered a big part of the American Dream. But it's not the right move for absolutely everyone. If you like the companionship of having a lot of people around or the amenities of an apartment complex, a single-family home may not be your thing. But the best way to learn this is to try it.
2. Learn About Homeownership.
Once you buy a home, you become responsible for everything from mowing the lawn and fixing the toilets to abiding by HOA rules and dealing with gophers digging up your yard. Move into a single-family house for rent to get a better — although still not complete — idea of what it will take as a future homeowner.
3. Scale Up Your Furnishings.
Been renting small apartments? Then you may not yet have enough to outfit a full-size house. Start this fun project now by renting a comparably-sized standalone house. This gives you time to scale up your furnishings and decor over several months in preparation for getting your own house in the near future.
4. Test Your New Budget.
Homeownership is generally more expensive than apartment life. At the very least, you'll have to factor in irregular and emergency expenses. Consider renting a house as a test drive of your new financial plans. Live on your household budget when a mortgage is figured in. If you do well at budgeting, you may even save some extra money toward a down payment.
5. Find the Right Area.
Do you know where you want to buy a house? Perhaps you've got a few neighborhoods in mind, but you're still uncertain. Test out the community and location without commitment by renting temporarily. You can even rent in more than one area if you have the time.
Could living in a rental home for a while make your journey to homeownership more successful? If so, start by touring some houses for rent in your area today and learning more about the possibilities.
This website can serve as your home for information about real estate. Here, you will find articles about the buying process and others on the selling process. We've also included content related to getting a mortgage, finding a real estate agent, and scheduling an inspection. We hope that by addressing all aspects of the real estate world, we will make you better prepared to handle any real estate transactions that might be in your future. After all, real estate can be a really smart investment, but only if you buy the right home and know how much to offer. Start reading, and enjoy what you find.