3 Signs You're Ready to Go from Renter to Homeowner - Article Banner

Rents are climbing, and it can be frustrating to continue making large housing payments towards a property that isn’t even your own. 

Transitioning from a renter to a homeowner can be exciting and rewarding. It can also be expensive, and you need to be prepared. When you own a home, you’re making a solid investment in your future. Not only are you investing in the property itself; you’re also investing in your local community and yourself. 

You’re establishing roots. 

How do you know if you’re ready? 

We spend a lot of time helping our best tenants become homeowners. Here are three signs that you’re ready to go from renter to homeowner. 

1. You’re Financially Prepared to Make Repairs 

When you rent a home, you can make a quick phone call when something breaks. Fixing an appliance or a heating issue is not your responsibility. You report the problem to your landlord, and you want someone to come and help. There’s no additional cost to you, unless you’ve done something to cause the damage. 

As a homeowner, you’ll be financially responsible for any and all repairs. The minor fixes will be up to you and the major projects will also be billed to you and only you. 

There are obviously financial implications to this, and there is also a bit of freedom. You’ll need to budget for preventative, emergency, and routine repairs, but you won’t be stuck working with whatever vendor the landlord sends over. You can make your own choices. You can even do the work yourself if you are so skilled. 

When you find yourself wishing you could repair things yourself and you know you have the financial means to take care of even surprise repairs and replacements – you’re ready to be a homeowner.

2. You Know You Want to Live in Kelowna for the Long Term

A nomadic lifestyle is not compatible with homeownership. 

If you know you’re going to live in the area for the long term because you can’t imagine living anywhere else, it’s time to transition into homeownership. Why keep renting temporary homes when you know that this is where you plan to spend the next many years of your life? 

Owning a home ties you to the community. It invites you to get invested in the neighborhood. 

Maybe you have a job that you love or a lot of family in the area or new friends. Perhaps you volunteer with a local organization or you enjoy learning new things about Kelowna every day. When you know that this is home, that’s a sign that you’re ready to buy. 

3. You Have a Vision for Where and How you Want to Live

Home RenovationDo you fantasize about painting your walls? Do you wish you could do your own landscaping in the courtyard? Have ideas about renovations and remodels that will help your rental home feel more like you

When you rent a property, it can be difficult to settle in. You can move in whatever furniture you want, but you have no control over the paint color, the type of flooring you walk on, or the cabinets in the kitchen. You cannot install a new shower, invest in a better refrigerator, or plant a tree. 

If you feel an overwhelming need to make your space more reflective of who you are and how you live, you’re ready to move from renting to owning. It’s time to make your home your own. You’ll have more privacy. More control. 

If you’re ready to navigate the path to homeownership, we have some great ideas and resources that can help you. It might be easier than you think. Contact our team at Vantage West Property Management. We are here to help.