PART 5 of 6: One Giant Leap for Renter-Kind
Buying a house is stressful, especially for first-timers!
Because most people don’t deal with stress well, they end up making bad decisions just to get them out of the way. These rushed decisions inevitably lead to regrets, but it’s an opportunity to learn for the rest of us. Reddit invited homebuyers to discuss what they regretted most about the process. As a community, several lessons came up again and again. This 6-part special series curates some of their most surprising and helpful real-world advice to use when you buy your home.
Regret #5: One Giant Leap for Renter-Kind
Going from renting to owning is a giant step. There are a ton of extra details needing attention like property taxes, utilities, repairs, insurance, and other expenses you’ve been responsible for before.
Give serious thought to how your weekly expenses may mushroom when you move into your home. If you don’t pay your mortgage payment, you won’t have a landlord pestering you for money. Instead, you will have banks and debt collectors hunting you down, which is a much bigger problem.
If you currently rent, and you want to own a home, you must take the extra costs into consideration before beginning the search process. Give your calculator a workout first. And if the harsh reality is that you simply can’t afford to buy right now, wait until you can.
NEXT: Part 6 of 6: Plunging Blind into Roommate Wars