What to Expect When Transitioning From Renting to Buying

For many of us, the ultimate goal is to own a property one day. With home ownership comes stability, freedom and an end to the cycle of moving, signing leases and security deposits. Whether home ownership is in your immediate future or a distant plan on the horizon, the shift between renting and buying can be complex and there are a number of factors that you should be prepared for.

To help with this transition, the team at Simon Long Removals Gloucester has written this article, so that you know just what to expect when moving from renting to buying.

Research, research, research!

Most rental homes operate on a fixed yearly contract, so if you end up disliking the property then you’re only committed for a short period. When buying a home, you’re locked in for the foreseeable future, so it’s essential that you’re totally sure about your decision. That’s why research is so important prior to purchasing your home. Investigate property value trends in the area, enquire about future planning developments in the surrounding region — you could even test run your commute! It’s best to be fully clued up on all details about your property and the surrounding neighbourhood to avoid expensive regrets later on.

Patience is key

Renting a property is usually quite a simple process. Once you’ve found somewhere you like, you simply provide the necessary documents, sign the tenancy agreement and pay your deposit — job done! However, when purchasing a property of your own, there is much more admin involved. 

Buying a home doesn’t happen overnight and the process can be incredibly complex, with many different phases. This is only further exacerbated if you move as part of a chain, which can cause additional uncertainties. Be patient, prepare for delays and maintain constant communication with your estate agent, mortgage broker and solicitor to help the process run as smoothly as possible. 

Monitor your money

As a renter, you’ll usually pay an initial security deposit before moving in, as well as your monthly rent. You may assume that purchasing a home is similar and you simply have to budget for a deposit and your monthly mortgage payments; however, this isn’t the case. Becoming a homeowner comes with many hidden costs, such as:

• Stamp duty
• Conveyancing fees
• Survey costs
• Mortgage valuation
• Mortgage arrangement fees
• Life insurance

These additional fees can quickly pile up, so it’s important that you remember to budget for them. 

There’s also potential home improvement work to consider. When you’re renting, as you don’t own the property, you’ll typically have to sign a tenancy agreement stating that you won’t modify the space in any way. When you purchase your own home, it’s only natural that you’ll want to shape the space to suit your preferences, so be sure you have enough funds to carry out redecoration or renovation projects.

Communicate clearly with your landlord

Before moving into a rental property, you’ll have to sign a tenancy agreement; this should outline the notice period required if you wish to activate the break clause and terminate your lease early. 

As soon as your offer has been accepted on your new home, one of your priorities should be to inform your landlord. This can be done via phone call, but you should also notify them in writing. Failure to give adequate notice may mean you’re liable for paying rent, even after you’ve moved out. It’s also crucial to give the property a thorough clean and leave the space exactly as you found it — that way your landlord has no excuse to withhold your security deposit.

Build up a network of reliable tradespeople

If you live in rented accommodation and notice an issue with the property, it’s easy enough to fix — simply contact your landlord and then it’s their job to arrange the necessary repairs. When becoming a homeowner, this responsibility falls on you. 

This can seem overwhelming — particularly if you’re a first-time buyer — and if you experience an issue that requires an urgent repair, it can be difficult to know who to call. Remember to research local companies and build up a network of trusted tradespeople that can help in this situation. Read online reviews, check accreditations and ask your neighbours for recommendations to ensure you’re hiring a reliable contractor.

If you’re looking to take the plunge and purchase a home in Cheltenham, Gloucester or the surrounding area, contact the team at Simon Long Removals Gloucester. Our BAR-accredited experts have over 20 years of industry experience and can help your move go ahead without a hitch.