3 Big Differences You'll Have To Get Used To If Buying A House Instead Of Renting One
Posted on: 15 December 2016
If you have been renting for many years but feel you are ready to buy your own house, there are some differences you should know about before you take this plunge. Buying a house can be a great investment, but it can also be a costly part of life. If you would like to buy a house so you can stop renting, you will need to get used to these three differences with owning a house versus renting one.
You are responsible for the repairs
One key difference between renting and owning a house involves the person responsible making repairs on the house. When you rent, you have a landlord you can call at any time when you experience a problem. Your landlord has the responsibility of making sure repairs are made, and your landlord must pay for these expenses.
When you buy a house, you will no longer have a landlord. You will be the proud owner of the house, and you will be responsible to pay for everything that is needed with the home. This includes normal maintenance and any types of repairs. In addition, you will be responsible to hire contractors to complete the work. This is a huge difference with owning and renting.
You will have to pay property taxes and home insurance
When you rent, you may be required to have rental insurance; however, many landlords do not require this. When you buy a house, you will be required to have homeowner's insurance, and your lender will be notified if your policy lapses. This insurance will protect you, but it is also designed to protect your lender if something bad happens to your home.
In addition, owning a home will require paying annual property taxes. This is something you will never have to pay when you rent a house. Therefore, you will have to prepare for these extra expenses when buying a house.
It will be a long-term affair
The third difference to be aware of is the time frame of the affair. When you rent, you can normally get out of a lease after just one year with no questions asked. This means you could move every year if you wanted to. When you own a house, you will not have this option. The only way you will be able to move is if you put your house up for sale and sell it. This makes home ownership a long-term affair.
If you feel like you are prepared for these differences, you can contact a real estate agent to find out what homes are available for sale in your area. If you are not quite ready to buy a house, you may be interested in finding a nicer downtown apartment, and a real estate agent can also help you with this.
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