Go From Renting To Owning In Eight Easy Steps

The Journey To Homeownership

Renting to Owning in Eight Easy Steps

The thought of going from renting to owning can feel both liberating and at times, overwhelming. Back in the year 2000, before I was an Adams Homes employee, I was a renter. I was 22 years old and also happen to be a newly licensed real estate agent with not a whole lot of money in savings. I knew I wanted to own a home but wasn’t sure about the process.

I was lucky enough to meet Adams Homes early in my search for the perfect home. This chance encounter was one that turned out to change my life in more ways than I had imagined both personally and professionally.

I hope you find my tips useful and CONGRATULATIONS on your decision to become a homeowner.

Renting to Owning with these Eight Easy Steps

1. Grab a Calendar and Chart your Timelines.

The first priority, when does your lease expire? That’s right, working from when you need to be out will help you work smart from today. Let’s say your lease ends September 30th. You will need at least three days to clean the place spic-and-span so you get your security deposit back. It will take two days of moving your personal belongs out, so now that means you need to be in your new home by September 25th.

See how this works? Let’s keep going.

2. From eight to two.

If you are starting your search in January, you have about eight months or so before your lease is up. Seems like a long time to buy a new home but wait, how long does it take to build your new home? Huh? Have you asked around? The average time is about six months. And that is only if the builder already owns the homesite you want and is ready to submit your building permit. Check your calendar. Now you are left with just two months to have everything finalized. That’s right, two months, or eight weekends to choose the perfect location, choose the perfect home, upgrades and color choices.

3. What next? How much can you afford?

A good starting point is what you are paying now. Let’s say you are paying $1,000 per month. Are you comfortable with that? Some really great things will happen once you become a homeowner that may allow you to squeeze out a little more money every month. We’ll get to those in a minute.

4. Check Please!

Eight weekends to go and you are on your way to owning a new home. Have you spoken to a lender? A credit check is another piece of the puzzle before you can buy. If you aren’t checking your credit report regularly, there is a chance it could have errors. Even the smallest error can take 60-days to clear up. Yes! 60 days. That means you need to start..NOW! Credit report checks are especially important if you have a common name (like Smith), are a junior or a senior or if you have been recently divorced.

5. Money to Close

There are lots of financing options available. Some cities/counties offer down payment assistance programs. There are also FHA, VA and Conventional programs available. With a few quick questions, a lender can help you decide which program will be your best fit. Of course, the more money you invest initially, the lower your monthly payment.

6. Creative Down Payments

Buying a home is a very exciting, life-changing time in your life. Building a new home gives you more time to save money for your down payment, an advantage overused homes requiring 30-day closings. If you are engaged to be married or nearing graduation, set up a savings account for family members to make cash donations towards your down payments, instead of buying you traditional gifts. Your family will be so proud of your transition towards homeownership, their cash gift can be used as a creative way to assist in financing.

7. Let Uncle Sam help with your down payment.

One of the benefits of owning your own home is that you get to deduct your mortgage interest on your taxes. That could be hundreds of dollars every month. If you need to save down payment money, the IRS can help. Instead of waiting to file for the tax benefits from your new home purchase at year-end, you can simply adjust the amount of your withholding. This allows you to have less tax withheld from each paycheck so you have more money in your pocket NOW! Essentially, you are taking your tax refund as you go instead of letting Uncle Sam hold it all year, interest-free!

8. Ready. Set. Go!

Now the fun begins. You are prepared to make a purchase decision. The journey from renting to owning will be one you will remember for a lifetime.

Questions About Building a New Home

Have questions about building a new home? We have answers! Contact Us.

Check out these other related articles:

“5 Reasons To STOP Renting”
“Renting VS. Home-Ownership”
“5 Tips To Save For Your Home Down Payment”
“5 Tips For First-Time Homebuyers”
“10 Reasons Not To Buy A Used Home”


About Adams Homes:

Founded in 1991, Adams Homes is known as the premier home builder and is one of the largest privately-held home building companies in the southeast. Adams Homes has built more than 40,000 new homes since 1991 and builds in seven states including new homes for sale in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee with corporate headquarters in Gulf Breeze, Florida.

Discover all Adams Homes’ communities, model homes, and homes for sale on our website, www.AdamsHomes.com. We have new homes for sale perfect for the first-time buyer, move-up home buyer, who desires to upgrade to a more accommodating new home, and the empty nester who desires to downsize to a smaller home.

While you’re at our website, explore our mortgage calculator and obtain financing information.

Connect with Adams Homes:

Facebook: www.facebook.com/AdamsHomes
Twitter: https://twitter.com/AdamsHomesTweet
LinkedIn: www.Linkedin.com/company/Adams-Homes
Instagram: www.instagram.com/adams_homes
YouTube: https://www.youtube.com/user/AdamsHomesChannel
Blog: www.AdamsHomes.com/blog-news

One thought on “Go From Renting To Owning In Eight Easy Steps

  1. This is some really good information about buying a home. I have been thinking about getting my first home soon. It is good to know that it would be smart to set up a budget first. That way, I know what I can afford. That does seem like a good thing to be aware of when buying your first home.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.