How to Confidently Make the Leap From Renter to Homeowner

Maria Fernanda Roda  |  September 12, 2022


How to Confidently Make the Leap From Renter to Homeowner

Renting a home can be awesome. It lessens the renter's responsibility by leaving the home's maintenance up to the property owner. It also provides ample flexibility, allowing renters to gather their things and move to a new city or estate once their lease is up instead of being tied down by a mortgage. Renting can also be financially beneficial by allowing renters to keep their cash accessible instead of tying it up in a hefty down payment.

Due to these benefits, many people love the rental lifestyle. However, for those looking to plant roots in their neighborhood and remain in the community for a long time, owning a home is often much more rewarding than renting one. Owning a home grants more freedom to owners by allowing them to make adjustments as they please. Furthermore, it allows them to build up equity in their property to make sure their hard-earned dollars are being put to good use.

As a professional real estate agent with years of experience navigating some of the most desirable markets in New York, such as the Upper West Side real estate market, Maria Fernanda Roda has helped countless individuals make the leap from renter to homeowner by providing them with her expert guidance. Having handled a significant amount of transactions in New York City, Maria Fernanda Roda treats each person she encounters with compassion and care to make the sales transaction as smooth and stress-free as possible. An extensive list of properties can be found in her portfolio, and Maria Fernanda has all the tips and tricks buyers need to know about the different New York City neighborhoods and making the leap from renter to homeowner.

For those looking to purchase a property for the first time, check out these tips by Maria Fernanda Roda to learn how to confidently make the leap from renter to homeowner.

Know the upfront costs

To make the leap from renter to homeowner, it is important to know about the upfront costs to prepare yourself. The process of purchasing an apartment often requires a large sum of money to be put down in advance as a down payment. The down payment typically consists of 20% of the property’s total value and is paid when the property sale takes place.

In the event that you buy an apartment in cash, you have more options to request a discount on the asking price. This is because there is no financial contingency as the purchase would be all in cash.

You also have to know that you will not pay the fees collected by a Real Estate Agent or broker because the person who pays for it is the seller. 

Make an informed purchase

Looking to become a homeowner after renting for several years can feel like playing in a whole different ballpark, so you’ll want to ensure you are making an informed purchase decision to avoid any problems down the line. If anything breaks inside the home, you are solely responsible and can be left fronting a hefty bill. You should ask your real estate agent to see other properties in the Multiple Listing Service to get an idea of where your home stands in terms of value and you should also ask if your real estate agent can make a Comparative Market Analysis.

Making an informed purchase decision also means getting to know the neighborhood the property is located in. You’ll want to know all the details about what the community you’re moving into is like. This way you’re more likely to be confident you’re moving to a place that feels like home, and you’re less likely to experience buyer’s remorse. Real estate agents are often experts on the neighborhoods they serve and can provide potential buyers with valuable insight.

When working with a buyer, Maria Fernanda Roda makes sure to provide valuable insight into the neighborhood so the buyer knows moving into the community is the right decision. If a buyer is looking at Upper West Side homes for sale, Maria Fernanda Roda will provide an insider’s look into living on the Upper West Side — discover the best restaurants, the shopping scene, and the top-rated schools are, among other aspects.

For those looking at Upper East Side homes for sale, Maria knows what living on the Upper East Side is like as well and can tell you all about the best Upper East Side fine dining, or even where to find an Upper East Side spa. She is also an expert in the area in Soho for those viewing SoHo homes for sale, and she is able to provide ample insight into the best things to do in SoHo. Before showing a buyer homes for sale, Maria Fernanda Roda makes sure buyers have all the facts about the neighborhoods they’re looking into so they can make an informed decision before making a purchase. 

Create a monthly budget

Once you’ve decided on a property you would like to purchase, create a monthly budget so you can anticipate the costs. On top of paying for monthly utilities, you’ll also be paying for property taxes, homeowners insurance, and home maintenance. Additionally, you’ll have your mortgage payment to cover each month and may also have to pay a private mortgage insurance payment if you put less than 20% down. To make sure you don’t get overwhelmed and fall behind on the bills, make sure to create a monthly budget in advance. A good rule of thumb is to not spend more than 25%-30% of your gross income on your housing bills to make sure you have money left over to fund all of life’s other expenses. 

Have a safety net

When the time has finally come to make the leap from renter to homeowner, having a safety net is absolutely essential. As a homeowner, you need to be ready for anything. If the plumbing begins to leak or a pipe bursts, it’s your job to hire a plumber. If pesky animals or unwanted insects try to move into your property, it’s your job to hire an exterminator. If the air conditioning system breaks down in the heart of the summer, it’s your job to get it repaired. While these tasks may have been your landlord’s responsibility when you were a renter, you are solely responsible for the property as a homeowner. This means being ready to cover any unexpected expenses. In a worst-case scenario, you may even lose your job and have to reenter the job market. Having a safety net with at least three months of mortgage payments saved up will provide you with the peace of mind you need to confidently make the leap from renter to homeowner.

Making the leap from renter to homeowner can be intimidating, but the process is extremely rewarding as well. The long-term benefits often outweigh the short-term costs and having a place to call home that is totally and completely yours is one of the best feelings in the world. For the best results during the home search, working with a professional real estate agent is highly recommended. Real estate agents know all the ins and outs of the neighborhoods they serve and have the knowledge and skills needed to find a quality property, make a fair offer, and oversee the sales transaction. 

Partner with Maria Fernanda Roda today

If you’re preparing to make the leap from renter to homeowner, contact Maria Fernanda Roda today. As an expert in the Upper West Side, Upper East Side, Downtown Manhattan and SoHo real estate markets, Maria Fernanda Roda has matched hundreds of buyers with the homes of their dreams. Knowing how overwhelming it can be to make the leap from renter to homeowner, Maria Fernanda Roda does everything in her power to make the transition smooth. Especially for Spanish speakers who are wondering where to find a Spanish-speaking realtor near them, Maria Fernanda Roda is certainly the woman for the job.

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Trabajar con Maria Fernanda

Como su agente de bienes raíces, María Fernanda Roda Roca se compromete a hacer que el proceso de compra y venta de viviendas sea lo más sencillo posible. Ella escuchará sus necesidades y criterios para encontrarle su "Casa de ensueño" y se dedicará a mantenerlo informado a lo largo de cada paso.