General Information  - Make the Switch from Renting to Owning

Make the Switch from Renting to Owning


Consumers who enjoy traveling and having the option to move for work or other personal reasons may benefit from renting. However, homeownership provides security along with many other benefits. Here are some things to keep in mind when considering transitioning from renting to owning.

When considering purchasing a home, you must review your finances and make sure you can afford a monthly mortgage payment in addition to other housing costs. As a renter, you likely only cut checks for the place you're living in and utility bills, while homeowners are responsible for other expenses. When buying, you will need a significant amount of money upfront to make a down payment and to cover your closing costs. These can include appraisal charges, title insurance fees, attorney fees and more. As a homeowner, you will have to pay your monthly mortgage, which typically includes your home insurance payment, while other costs, such as maintenance, will be paid out of pocket. Since renting has been a popular option for many young people, rent prices have increased to levels that are comparable to monthly mortgage rates. This could mean owning a home is more affordable in many cases.

Additionally, you won't be able to simply call a landlord to make necessary repairs. When renting, your landlord or property manager always foots the bill and is responsible for fixing things around the house or hiring a professional if needed. However, as a homeowner, you will need to pay for your home's regular maintenance, as well as paying whatever it costs for services to be completed. Many renters may also not have to take care of their own yard work and lawn maintenance, but these responsibilities all usually come with homeownership.

Those who enjoy the freedom to move and relocate may not make the best homeowners until they are ready to settle down. Purchasing a home is a big commitment. However, those looking to begin building a family may enjoy the stability offered by homeownership, as you will not have to worry about being kicked out or moving from place to place to stay in the same school district.

Buying benefits those looking to settle down and make an investment

While renting provides mobility, tenants are often limited to the changes they can make to a rental, including painting and making upgrades to better suit their lifestyle. Purchasing a home allows families to generally make whatever changes they want without fearing they will lose whatever money they put into an apartment or rental home upon moving out. Buying a newly constructed home provides buyers with more freedom to choose amenities and other features, such as an upgraded kitchen or luxury swimming pool and outdoor space. Moving into a home that already has what you're looking for can save both time and money, while also making the transition from renting to owning smoother and more enjoyable.

Homeowners also build equity, meaning every payment made is one step closer to full ownership. The money renters shell out monthly simply pays for the place they rest their head, but is not an investment by any means. Homeowning also continues to provide buyers a sense of pride, as it continues to be a major aspect of the American Dream for many.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.