A Guide To Transitioning From Renting To Buying

Are you a Seattle resident who’s ready to stop renting and start searching for a place to buy? If so, you’re in the right place. Better Properties Eastside, a leader on the Seattle real estate scene, can help you make the transition from renter to buyer - and we’ll start by offering this helpful guide.

Lifestyle Changes

If you’ve spent any time contemplating the move from renter to homeowner, it’s likely you’ve considered the significant differences in lifestyle that exist between the two. We’ll just cover the biggest ones: specifically, more stability, more responsibilities, and more expenses. Stability in the sense that you can put down some serious roots and integrate with the homeowners around you and the community at large. Responsibility, as in the fact that everything associated with the home: renovations, design, maintenance, repairs - is all on you.

And expenses, because you’ll no doubt encounter expenditures that were of no concern during your rental days. The aforementioned maintenance and repairs are two big ones, but there’s probably none bigger than property taxes - which can come as a surprise to even the most well-prepared first-time homebuyer. Other expenses to consider include buying furniture, painting, decorating, utilities, and landscaping.

Research

Renting involves much less research than buying a home. For renters, it’s usually a matter of being in a hip neighborhood, or finding a place close to work/family. But when you buy a home, the amount of required research grows exponentially. You’ll need to decide on the style of house you need, the size, the neighborhood, and of course, find the right place for your budget. And within each of these categories are sub-categories: for example, if you have kids or plan on starting a family, you’ll want a neighborhood with good schools.

And speaking of kids/starting a family, this will definitely affect the size of the home you buy. In terms of budget, you’ll most likely need to compromise somewhere, i.e. a smaller home in a nicer neighborhood, or weighing the benefits of living in a place where there is a HOA (homeowner’s association) versus one where there’s not.

Focus On The Long-Term

Patience is a big part of becoming a homebuyer. Even after you’ve done extensive research and nailed down your priorities and your budget, you’ll still need to hire a real estate agent, understand the financial side of the transaction and your subsequent ownership, and negotiate the sales price with the current owner.

The entire process will seem overwhelming at times, which is why it’s best to focus on the long-term – and the fact that by becoming a homeowner, you’re taking a huge step towards financial stability. Instead of handing over money to a landlord, you’ll begin building equity with every payment you make to your lender. As your equity increases, so too does your ability to invest in a second home or retirement, or use your equity as part of a fund that is passed on to your kids.

Work With The Real Estate Experts

For all things related to house buying in Bellevue, count on Better Properties Eastside to deliver expert support and advice. We have extensive experience with all steps in the home purchasing process, and we’ll put our complete resources to work for you - helping you find the home of your dreams.