How to Go From Renting to Owning

It can be a drastic change – both financially and emotionally – when you become a first-home buyer. These tips will help smooth the transition from renting to owning your first property.

1. Don’t rush in
Ignore the notions that you need to buy now because:

• The market is right,
• You’ve fallen in love with the perfect property; or
• Your lease is coming to an end.

2. Plan for a financial buffer
There are always unexpected expenses, such as paying more at auction than you anticipated,renovations, window coverings, furniture, moving costs and utilities fees.Some advisers say to budget for 10 per cent more money than you think you’ll need, but this is not a hard-and-fast rule. Basically, the more funds you have set aside, the less stressful the whole journey will be.

3. Know what’s involved
When you’re keen to move from renting to owning, understanding the buying and moving process and the common pitfalls before you dive into the market is key. Develop a detailed checklist of everything you need to do to take you from ending your tenancy to kicking back in a lounge room all your own.

4. Enlist some help
Friends and family are often willing to help but won’t always offer for fear of interfering. Whether you want a second opinion on a property, moral support at an auction or help packing boxes or ripping up old carpets, recruit some volunteers to help ease the emotional and physical burdens.

5. Finally, relax and enjoy it!
You’re only ever going to be a first-homebuyer once. With good planning and the right approach, you’ll be able to look back with fond memories.

Source: Domain.com.au