If you’re looking to buy a home and are excited to get all the benefits of home ownership, then now is definitely the time to buy. While home ownership can be a great long-term investment for you and your family, there are a few major differences between renting and owning your own home. To help make a smooth transition from renting to owning, it’s important to keep these things in mind and to plan ahead for emergencies:

Late Payments – Sometimes renters fall on hard times. Landlords know that, and can be forgiving at times. While it’s more common to find an individual landlord being flexible on rent than an apartment complex or management company, a bank will be different. Each bank varies on their grace periods and late penalties, but if you go over 30 days, you will definitely be reported to the Credit Bureau. To avoid any surprises or speed bumps, you should always have three months of mortgage payments saved up, in addition to three months of living expenses, in case of an accident or employment issue.

Maintenance – One of the biggest differences between owning a home and renting one, is the maintenance. When you’re renting a home, you can call a landlord to fix an A/C, water heater, kitchen appliance, and even plumbing problems. When you own your own home, you’ll need to take care of these problems on your own. One of the best ways to prepare yourself for home maintenance is to seek a thorough home inspection on the property. Make sure you know how old the roof, HVAC, and water heater are and how much it would cost to replace them.

Pool Maintenance – Owning a pool can be a great amenity for many families. Instead of going to a public pool on a summer day, you can stay in and save money. Sometimes, however, a pool can cost you more than you’d think. Cleaning, shocking and maintaining a pool can add up to dollars a month to your maintenance budget, and even more if you plan on paying someone.

Yard work – Another big difference between renting and buying is taking care of your own yard. Many people will gladly pay an extra hundred dollars a month to avoid the sun and sweat, but some people take pride in maintaining their yard. Either way, you should budget for another expense in maintaining lawn equipment or occasionally hiring a professional, if you’re out of town or want to avoid the summer months.

If you’ve decided to make the move from renting to buying, contact one of our experienced Berkeley real estate agents at PorchLight Realty.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.