How To Go From Renting To Owning

Some people are happy to rent a home for as long as they want to, and some aren’t in a position to buy a property so renting is their only option, but if you’re someone who is currently renting and has reached a point where you feel confident to buy instead, there are a few things to consider first. Read on to find out more. 


If you want to buy a house, then you’ll probably already know that you need a certain amount of income to get a mortgage, and you’ll have to have as little credit owing as possible (although, as strange as it might seem, owing a little money is a good thing as it shows you’re able to manage repayments and debt). If that’s all in order, then it’s much easier to get a mortgage, and for the most part, that’s what you’ll need to buy a property. 

However, on top of being able to afford a mortgage, you’ll also need the down payment, which could be anything from five to twenty percent of the overall property price - it’s going to depend on the mortgage you’re able to get, and you can choose to pay a higher down payment if you prefer (it will make your monthly repayments lower). Then you need to think of your utility bills, taxes, and other costs, including a full-service long distance mover - these are so easy to forget, especially if they were included in your rent before, so checking everything out and ensuring you can really afford to buy somewhere is crucial.


Something else you’ll need to think carefully about is your location. When you rent, you can generally move about as much as you want (depending on the terms of your lease, of course), and if you feel like living somewhere new every year, that’s exactly what you can do - it’s your choice. 

When you buy somewhere, that choice is going to be limited; you’re definitely not going to want to move every year because it’s too expensive when you own a property - the down payment is so much higher, and you’ll owe money on a mortgage, which you might be tied into for a set amount of time. So that means it’s vital to pick the right location to buy the property in to start with; do plenty of research and don’t rush, and you can stay where you’ve chosen for the long term quite happily. 

Remember The Maintenance 

When you’re a tenant, the maintenance on the property you live in generally falls to the landlord to deal with - and often pay for as well. In other words, renting means you don’t have to worry about looking after the property other than to keep it clean and to be careful not to cause any damage (accidents do happen, of course, but in general, being careful is a good idea!). 

When you own a property, you’re the one who has to handle all the maintenance and repairs, and whether you do it yourself or you hire someone to do it for you, it’s something you’ll need to make sure happens. The last thing you’ll want is for your home to lose value or be uncomfortable (or even unsafe) because you didn’t think about how to maintain it. 

Posted in Homeowners on Feb 15, 2024