7 Lifestyle Tips to Transition from Renting to Owning, Part 2

Transitioning from renting a place to owning a home of your own can be exciting, but it is smart to plan ahead so that it goes as smoothly as possible.

In Part 1, we shared these tips to embark on your new lifestyle as a homeowner:

7 Lifestyle Tips to Transition from Renting to Owning

1. Create a new routine for cleaning, decluttering and organizing.
2. Purchase new supplies for the tasks above.
3. Get used to doing yard work. Let’s go over a few more.
4. Create a budget for maintenance and repairs. Your mortgage and property taxes are just two of the expenses you need to be prepared for when you start living in our own home. You will need to pay the cost for all maintenance and repairs, so you are going to want to start a savings fund specifically for that.
5. Routinely inspect your house. When you are living in a small apartment, it is pretty easy to keep an eye on everything each day. But issues in a larger house can go unnoticed for weeks, months or even years, resulting in compounding damage. Make it a routine to inspect your home for leaks, mold, pests and other issues so you can take care of them right away.
6. Do not splurge and spend too much all at once. Chances are good that after moving into your new home, you are going to want to personalize it. You may need to buy a few basic furnishings early on, but try to put a strict cap on how much you spend in the first year. After the excitement wears off, you may discover you avoided some unnecessary impulse buys.
7. Take advantage of the new opportunities owning a home offers you. Of course, some former renters have just the opposite challenge when moving into a new home. Instead of being tempted to splurge, they may forget they can customize their new home. But it’s your home, so you can do as you like as long as it is within code. Take advantage of the privileges of ownership. Make some upgrades if you can afford them. In fact, you might want to prioritize energy efficiency upgrades since those can save you money over time.

Get In Touch With Your Mortgage Specialist Today!

One more tip for transitioning smoothly into life as a homeowner is to get the right type or mortgage for your needs. When you tell our loan experts your financial situation and goals, we can give you recommendations that are tailored to your scenario. To begin, please call us today at (248) 788-0800 to schedule your consultation. We can help you buy a home in Michigan or 15 others states.