5 Major Mindset Adjustments When Renting Vs Home-Owning
Renting typically requires minimal effort, but as a homeowner you will invest blood, sweat, and tears into your home. In fact, the mentality between you as a renter and you as an owner will vary significantly more than you are probably expecting.
Saving Becomes a Priority
You probably did a good job of saving as a renter, especially if you earned every penny of your down payment. However, saving becomes a top priority as a homeowner. You are always going to be thinking that an unexpected expense is going to surface and drain you. Whether you end up needing a new roof or you desperately want to remodel the kitchen, your savings account will get paid first.
Minor Repairs Become Important
Nearly everyone has neglected a minor repair in a rental. Whether your closet door comes off the track or your kitchen faucet dripped all day, you could not bring yourself to schedule an appointment with your landlord. When minor repairs need addressed in your own home, you want to take care of them right away. You might even immediately drive to the home improvement store.
Shopping Has a New Meaning
Shopping on a rainy day once meant spending hours in a mall or checking out antique stores in a nearby city. As a homeowner, retailers like Home Depot and Lowes become your favorite stores to break in a new credit card.
Community Means Something
There are plenty of renters who care about their community, but those who don’t typically do once they become a homeowner. You want family owned businesses to succeed, so you do what you can to support them. You get excited about a new factory opening because that means more job opportunities, which could result in a rise in property values. It becomes a seller’s market when people are relocating to the area for work.
Your Idea of Fun Changes
You probably never thought power washing your siding or planting a garden would become your idea of fun, but you would rather invest time into your home than go to the movies or pay a tab at the bar.
Buying a home has an impact on both your lifestyle and overall mindset. Your priorities change, as do the ways you want to spend your time and hard-earned money. As you prepare to buy your new home make sure you are ready for everything this decision entails.
