The clock is ticking down on your apartment lease and you are considering transitioning from a renter to a first time homeowner. Yes, you have watched endless hours of HGTV and can basically quote Flip or Flop; however, some critical questions must be considered when pursing ownership of your first home. This life transition can be viewed as a daunting and frightening one, leaving you confused and questioning your financial security. This misconception is far from the truth. With some evaluation and guidance, the transition to renters to homeowners can be an exciting and financially beneficial one. Here are 14 questions to ask yourself when your apartment lease ends.
Are you willing to leave this apartment building or complex for good? Are you willing to renew this lease?
Are you interested in continuing to rent or are you looking to transition towards homeownership?
Have you have a realistic look at your budget and determined what you can afford moving forward in owning your own home?
Are you pre-qualified for a mortgage? Even though you may not be quite ready, this is an important set to yourself up with the knowledge needed for the next steps.
Have you been paying attention to the Real Estate market and homes sold in your local area?
Are you interviewing Realtors to determine who will work best for you?
Are you researching reliable home inspectors?
Have you created a realistic list of what you would like to see in your first home?
Have you notified your landlord?
Are you eligible to receive your security deposit back? What needs to be done to ensure this?
Are you organized? Another crucial step. With all the chaos of house hunting, do not forget to keep your documents in line; this will make the process much smoother down the road.
Have you complied a list of damages and coordinated with your landlord?
Did you leave your landlord your forwarding address?
Remembered to return your keys?
Of course, there are many other factors to consider. From mortgages and titles to moving and open houses, Hagerman Group is here to lend their expertise and knowledge. Are you interested in meeting to discuss your options for purchasing your first home? Email us at firstname.lastname@example.org or give us a call at 540-369-4622.