How to Transition from Renting to Homeownership

How to Transition from Renting to Homeownership

With Colony Title, we can help provide you with a transitioning guide from renting to homeownership.

Do you remember getting a full-time job and that bittersweet feeling of signing your first apartment lease?  Maybe you even scoured different furniture stores and home decoration shops to perfectly put together your space, making it feel as home-like as possible. However, through years of rentals and an ever-revolving door of new neighbors, perhaps you’ve begun to feel burnt out from renting. With Colony Title, we can help provide you with a transitioning guide from renting to homeownership.

Research Homes for Sale

You’ll want to start to research homes for sale to get a general idea of the type of home you’re looking for, neighborhood, school district, and the price range that you feel as though you can afford. Take a tour of numerous homes in person – this is an important step because you’ll get a general feel of the condition of the house and where your next forever home may be located. If you know of a good agent, they can assist you through this process and even potentially show you homes before they hit the market.

Budget and Get Pre-Approved for a Mortgage Loan

Once you’ve found a real estate agent you’d like to work with, you’ll want to get pre-approved for a mortgage loan to let you know what houses are realistically within your budget range. The next few months of house hunting are incredibly important. You’ll want to make sure that you have plenty of funds available to place a down payment on a home. You will also want to ensure that you don’t take out any additional debt. Budget wisely.

Place an Offer on a Home and Get Title Insurance

Lastly, once you’ve found the home of your dreams, your real estate agent can help you place an offer on the home. If the seller accepts your offer, then you’re on your way to homeownership. You’ll want to secure your investment in your future home by purchasing title insurance from Colony Title. We can assist you through the settlement process by preparing the title insurance, deed, loan documents, and settlement sheet. After closing, you’re officially a homeowner! Congratulations!

A Title Company You Can Trust: Colony Title

At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.

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