Buying your 1st Home - From Rental to Ownership

By
Real Estate Agent with Lake Life Real Estate

Prior to purchasing a home for the first time, many buyers often will rent a home. And in doing so, the common household and some not so common issues, are the responsibility of the landlord – homeowner of the rental property. A landlord traditionally handles anything from a leak with the shower to a crack in a foundation. Renters, also known as tenants, are not responsible for these issues. However, the transition from being a tenant to a homeowner is difficult and often surprising for many first-time buyers.

 

While renting a home, a tenant is protected by law from having to live in unsafe and unsanitary living conditions. The landlord is the responsible party for the safe and sanitary conditions of the home for the renters. These responsibilities become reality when a renter looks to purchase their first home. The reality of inherit responsibility for the home’s safety and sanitary living conditions is now the new homeowner. Although many would believe this is an obvious statement, the change in perspective is the hardest to grasp.

 

If a water heater or furnace fails, it is now the new homeowner’s responsibility. It is no longer the previous homeowner’s responsibility to come back and correct an unaddressed issue prior to purchasing the home. Many issues can be addressed prior to purchasing through due diligence – home inspections, structural inspections, plumbing inspections, heating and air inspections, roofing inspections, etc.

 

A majority of the times, a home buyer will purchase a home inspection prior to purchasing a home. A home inspection is very thorough and accurate from a reputable home inspection company. But it is, nevertheless, an overview inspection of the home. A home inspector does not specialize in roofing, mechanical, structural or plumbing aspects of a home. Having an in-depth inspection may minimize costly impact later from previous unforeseen issues. But, if issues arise after a home is purchase, it is the new homeowner’s responsibility; not the previous home owners.

 

Any home buyer needs to feel comfortable and confident prior to purchasing a home. The previous homeowner will not act in the same manner as a landlord. The newly purchase previously occupied home comes with all the necessary maintenance, routine maintenance and care. Working with a good Realtor, understanding the home’s worth, reviewing a home inspection and preparing for the future will make your largest investment very rewarding.

 

To learn more about me and my team, visit our website, www.lakeliferealestate.com

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Michigan Grand Traverse County Traverse City
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Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning 

Thank you for sharing your information with us 

Have a great day.

10/15/2018.   

Oct 15, 2018 06:29 AM #1
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Rainer
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