The decision to move from renting to owning a home is a big deal and a major responsibility. However, when you make the move from renting to becoming a first-time home buyer, you now have a place to permanently lay your hat and call your home which is all very exciting.
Like any major life decision, owning a home isn’t a decision that should be taken lightly. The transition will be lifechanging and beneficial and if you do your research and plan ahead, it can even run smoothly.
Be Open to Changes in Your Life
Keep in mind that the transition from renting to becoming a first-time home buyer is going to be full of change. Buying a home is a wonderful investment and it’s a great change, but it’s still a change, nevertheless. Things you’re used to like your daily commute, monthly expenses, and weekend routine are likely to shift. Plus, if something happens to your home, it’s going to be your responsibility to get it fixed. You no longer have a landlord. On the bright side, you no longer have a landlord, meaning you’re no longer paying someone else each month.
Consider the Expenses
Not everything in your life will become completely new. Some things stay the same, such as paying your utilities each month and your monthly rent check now goes to the mortgage. However, your expenses will be different. A few additional expenses that come with owning a home include property maintenance costs, property taxes, and mortgage insurance.
To make the transition from renting to becoming a first-time home buyer easier on your finances, it’s a smart idea to set a homeowner budget that includes all of your yearly and monthly expenses.
Deciding When to Buy
There are several ways you can know when you’re ready to buy your first home. Consider your expenses now. If your rent is too expensive and owning a house will help you save, deciding to buy a home is a great option. If you have money saved up for the down payment and all other costs that come with transitioning from renter to owner, now may be the time to consider buying your first home.
However, most importantly, you need to make sure you’re ready to commit. If you’re not ready to commit to the responsibilities that come with owning a home, or you’re planning on moving in the future, now might not be the best time to get approved for a loan. If you’re ready for the commitment and the benefits that come with owning a home, you want to reach out to a lender to discuss the loans available for first-time home buyers that best suits your needs.
Choosing a First-Time Home Buyer Loan with BrightPath
At BrightPath, we offer several wonderful programs for a first-time home buyer loan to help you make the transition from renting to owning. Our first-time homebuyer programs typically offer lower down payments to help you make that transition into owning your own home.
Give us a call today at 888-222-6003 or complete our online form so one of our experienced mortgage specialists can help you find the first-time home buyer loan that’s right for you.