5 Things Renters Should Know About Owning a Home

Renters who someday want to own their own home need to change the way they live in order to achieve that goal. There are financial changes, lifestyle changes, and new rules that will apply from making the transition.

It’s the duty of an agent to guide them in their transition.

Moving is already one of the most stressful times in people’s lives, but it could be even more for a first-time home owner. An agent’s knowledge and experience is their most cherished resource. Here are some of the things an agent should share with their new clients.

It’s an ever-changing financial investment

Renters are used to seeing their rent fly out the window every month, and even sometimes increasing. Often times they haven’t a clue as to where it goes. They aren’t aware that it goes towards property taxes, insurance, and things like trash pickup. As once-upon-a-time renters become their own landlords, they will become responsible for those types of expenses. Agents should sit down with their clients and talk about the changes that are coming.

It’s important to like your location for the long-haul

Renters can jump around from spot to spot, but when you own a home, you are set. It’s vitally important for a good agent to stress upon their client that location is a huge factor in home ownership. They need to know that their decision on where to live is one of the most important things to consider.

Abide by the new rules

Homeowners probably don’t think about the new rules of home owner’s association. They may not give a second thought to the neighborhood rules, so the more information they get about this the better.

Think like a homeowner

New homeowners may realize their life is about to change, and hopefully they see a magical landlord will not be fixing all their problems. A good agent should be able to provide new homeowners with contacts who can solve their problems, like plumbers, electricians, etc. No matter how handy a homeowner may be, sometimes the work performed needs to be certified.

Know that neighbors affect they value

Renters usually aren’t too concerned about their neighbors as long as they keep relatively quiet. Any new homeowner should want to know which neighbors are renting and which own the home. Having this information can help measure the current and future home values of a neighborhood. If most of the people around are renting, chances are it won’t bring top dollar when it comes time to sell. Renters are lazy and don’t feel the need to keep a tidy, and maintained home. A home comes down to its curb appeal. The trashier neighborhoods often have better pricing, which doesn’t always help the buyers and homeowners. 

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