How to Confidently Make the Leap From Renter to Homeowner

Toni Marie Cafferty | September 26, 2022

Windermere

How to Confidently Make the Leap From Renter to Homeowner

Making the leap from renter to homeowner is an exciting possibility that can be simple and stress-free with the right guidance and preparation. There are many stunning Windermere homes for sale that may be the perfect fit for your lifestyle, but before diving in, take a step back, evaluate your situation, and learn how to make the leap from renter to owner confidently.

Review your finances, credit, and budget

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It's important to take into account your budget before making a purchase. Start with a solid understanding of your credit score, how much you can afford to spend on a home, and your available funds. A credit score is a systematic measure used by financial institutions to evaluate an individual's creditworthiness. It’s based on credit history, like making consistent payments on loans. A credit score is also a factor that mortgage lenders use to identify who qualifies for a loan, as well as important details like interest rates and credit limits. You can feel more confident about buying a home with a good credit score because it leads to lower interest rates on your mortgage.

Understanding your current financial standings, like your debt-to-income ratio, can help you better plan your budget and identify if you have available funds for a significant purchase. When looking through your finances and estimated homeowner budget, you’ll need to have enough saved up to cover the down payment, closing costs, and other associated fees, like a home inspection. It can remove a lot of doubt and questions about your budget and financial standings to get pre-approved for a mortgage before you start looking for a home as well as ensure your budget is accurate.

There are a number of financing options available to make the process straightforward, with many benefits for first-time buyers. Get quotes and information from several different lenders and find the one that offers the best deal for you. Many tools and resources like budget calculators and mortgage or financial advisors can help you make smart decisions throughout your homebuying journey. You don’t have to guess about your financial preparedness. Work with a professional advisor to feel confident about transitioning from renter to owner.

Follow lease requirements

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Property owners may have specific requirements you must follow when you move out of your rental. These may include paying a cleaning deposit and cleaning up the property. Make sure you follow the stipulations in the lease regarding moving out or terminating the agreement to avoid penalties or problems when your lease ends. If you have any questions about what specific steps you need to take, speak to your landlord or property management company. It’s wise to plan for homeownership as your rental agreement ends. In many cases, it’s possible to terminate a lease agreement, but it may come with financial penalties. Before moving forward with homeownership, consult with your realtor, law professional, and landlord for a smooth and painless transition.

Know what you want in a home and potential neighborhoods

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One of the first steps to buying a house after being a renter is ensuring the home and location fit your lifestyle. It may sound like an overt suggestion, but it’s helpful to consider what kind of house you need rather than what type of house you want. For example, do you need a three-bedroom house because you have a family, or would a two-bedroom house suffice? Do you need a home office? These decisions are important to consider early in the buying process to help you determine what you’re willing to compromise on when looking at homes and neighborhoods. It also allows you to pinpoint your most critical needs when looking at houses and communities.

Location is vital for many reasons since it can affect things like schools, commutes, and your overall quality of life. It's important to consider which location fits your lifestyle and needs. For example, do you need to be close to public transportation, or do you need a home with a yard? You’ll want to consider your unique lifestyle and factors like your commute to work, the quality of the schools in the area, and the amenities that are important to you. A great way to start narrowing down possible communities or neighborhoods is by driving around the areas and getting a feel for the residents, home styles, amenities, and overall vibe. This can help you better understand what you’re looking for in a home and a neighborhood. Once you’ve narrowed your search to select areas, you can start looking at homes online and in person.

Work with an expert real estate agent

Once you know what you’re looking for in a home and how your needs fit into your budget, consult with a professional realtor to help you find listings that match your specific criteria. An experienced real estate agent can also provide information about the community, schools, and amenities that are important to you. It’s critical to work with an expert agent with experience in Windermere real estate who can guide you through the entire process. Making the leap from renter to owner can be an exciting and thrilling experience with the guidance of an expert realtor. It’s more than finding the perfect home—the right agent can connect you with mortgage lenders and help you navigate complexities like offers, negotiations, contingencies, and paperwork. An expert real estate agent will work to form a partnership with you and guide you through the process so you feel ready to make the leap from renter to homeowner.

Having the right real estate agent can make homeownership much smoother and make you feel confident about the transition. Toni Cafferty is a luxury property specialist with expertise in Central Florida real estate markets. Toni creates a white-glove experience by focusing on client care, being completely present throughout the buying and selling process, and having an eye for detail. If you’re ready to make the leap from renter to homeowner, start your home search with Toni Cafferty.

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Toni Marie Cafferty

Luxury Property Specialist

Primary phone
(904) 449-2184
Email
[email protected]
Address
7940 Via Dellagio Way, Suite 100,
Orlando, FL 32819

About the Author

A true native, Toni Marie Cafferty calls Florida home. Originally from Jacksonville, she moved to Central Florida while attending the private university of Stetson where she graduated with a degree in Marketing and International Business. With time spent in Austria, Germany, Italy, Switzerland, and the Netherlands, she loves to explore other cultures. In her real estate career, she’s had the pleasure to work with buyers from around the world.

As a Realtors® daughter, Toni Marie was raised in the real estate industry and contributes her high level of client care to that of her mother. Toni Marie caters to the luxury market with a white glove-style all her own. Just as the Golden Rule states, “Do unto others as you would have them do unto you,” Toni Marie takes this to the next level offering superb client care. When asked, she says “it’s all about the details and being present with those you are working with whether it be in-person or over the phone. Be ahead of your client’s questions and help provide clarity and honest feedback.”

Toni Marie Cafferty’s Gold Standard (#tmcgoldstandard) has garnered respect from her colleagues and clients alike as she grows her real estate profession. In the past 5 years, she has managed over $74 million in sales and she’s not slowing down; rather she is expanding her reach with Compass to help more buyers find their place and continue to shatter records for her sellers. Most recently, Toni Marie has been the highest priced estate under contract in Windermere, Florida since 2019 and set a new price per square foot high in the exclusive community of Isleworth Golf & Country Club.

Toni Marie rounds out her career with a balance of time spent with her friends and family. Her husband, Brett, and their two dogs are looking forward to growing their family over the next few years as they continue to call Central Florida their home.