It’s likely that the first time you find yourself looking to rent an apartment – or a room, depending on your age and situation – you consider it to be the first step towards total freedom. For many, renting their first apartment or room coincides with going to college, which is already an iconic symbol of freedom. Why freedom? Because for the first time, you don’t live at your parents’ home, which means that nobody is going to have anything to say – or even to find out – about the fact that you might come back from a party in the middle of the night or choose to play video games all day in your favorite warm onesie. As a late teen, that is exactly how you and me – and everyone else for that matter – perceived freedom. It is by far the only time of your life when the tenancy agreement is synonymous with freedom of choice.
Indeed, as you move out of college and look for your next apartment, the one that marks the beginning of your official adult life, it’s only then that you begin to realize the golden cage of the tenancy agreement. As a tenant, you are not allowed to redecorate the place without obtaining your landlord’s approval. You can’t have pet if your landlord says you can’t. And if you accidentally damage the property, you could lose your deposit, and sometimes even for unusual signs of wear and tear. Besides, you pay someone else every month to live in a place that you can’t call home because it isn’t yours. In other words, when you begin to realize that you’re not happy living the tenant’s life, then you may want to consider buying a property. Unfortunately for a lot of tenants, home buying is an overwhelming process for which – they claim – they have no skill. In reality, being a tenant has prepared you more than enough to the oddities and requirements of purchasing a home. Well, think again, because you know as much as you will ever need to know to buy your first home!
As a tenant, you learn about locations
You may not realize it, but when you become a tenant, you start looking for the best possible locations for your needs. It should be at a reasonable distance from where you work – whether you drive or you choose to get there by public transport, you need to live in a place that allows you to commute easily. But at the same time, you don’t want to live too far from your social circle of friends and relatives if they live in town too. Finally, you also need a district that you feel safe in; you need to find the perfect place to start your new life. And finding the perfect place is not easy at all! You’ve probably visiting dozens of apartments or houses before you’ve found something that suited your tastes and budget. In fact, if you live in a big city such as Toronto, you might have felt that that was a shortage of good places to rent. In Toronto, the Rent On campaign is targeting the increasing need for comfortable rental units. But not all towns are the same, and there are areas where, unfortunately, there is no policy to implement new purpose-built rentals. If this is the case, more often than not, tenants have to compromise on location or on a budget to meet their priority requirements. But the bottom line is that you know how to search for the best location at the best price to match your needs.
Finding your ideal location – Pexels
And finding the perfect location is exactly the kind of skills you need when you start looking for a home to buy. Indeed, you’re already experienced in comparing geographical locations versus your lifestyle, looking for the best neighborhood, choosing urban or rural living, and ensuring that you stay in the vicinity of amenities that matter to you – shops, school, GP surgeries, dentists, workplace, gym center, etc.
Managing a budget
As a tenant, you are used to working within a budget, as you need to not only pay your household bills every month but also your rent. Consequently, it’s likely that you know a few tips about efficient budgeting to stay on top of your expenses while paying the rent. Some tenants like to use a smartphone app to monitor their outgoings throughout the months, namely rent, fuel bills, telephone and Internet costs, council taxes and commuting costs. It’s helpful to make a list of all expenses so that you can be prepared to cover them instead of finding yourself have to stretch the last dollar at the end of the month.
As a homebuyer, you will find this budget skill extremely useful, especially as you come to manage your mortgage repayments. To help you get the hang of it, you can use free housing loan calculator tools that helps you to define how much you need to repay each month. It’s a handy tool to have when you’re still in the process of picking the best-suited mortgage for your needs!
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Discovering cost-friendly decor style
The one thing that most tenants complain about is about creating a homely feeling in their rental. As you’re not always allowed to decorate as you wish, it can be difficult to feel at home in a space that isn’t yours. But you’ve surely mastered a few tricks to make the most of your rental interior without losing your deposit. You can hide some of the design flaws in your apartment, for instance. Say you hate that built-in mirror, why not cover it up with a large canvas of your favorite picture? Swapping curtains will also give a different look and feel to the place. Whatever you choose to do, and especially painting is something that you need to agree in writing with your landlord. Additionally, you’ve mastered the art of creating a cozy space without breaking the bank. That’s the kind of skill that is very useful as a homeowner.
You know the importance of maintenance
As a tenant, you obviously know the importance of home maintenance, especially as some elements might come back to bite you in the bum when you’re planning to move out. If your landlord considers that you haven’t maintained the property, you can say bye-bye to your security deposit. Admittedly, your landlord has maintenance responsibilities to fulfil too, so that you’re both reliable on shared duties to keep the property safe and comfortable. When you become a homeowner, you already are used to fulfilling some of the maintenance duties.
However, there’s one thing that you may need to do in your home, and it’s called renovations, as part of home maintenance. In a tenancy agreement, this goes back to the landlord. So while it might be new at first, you’ll soon feel comfortable with the budget planning that comes with it – after all, you’re already managing the household budget – and the research for the best solution. If you’re an enthusiastic crafter, you can even do it yourself!
You’ve improved your social skills
Tenants get rapidly used to introducing themselves in a new area, especially if their landlord owns more than one rental property. You can establish a trust relationship with neighbor tenants! While as a homeowner, it might feel a little awkward at first, you can prepare printouts of your contact details to drop in their letterbox. In the long term, using the social skills of your tenancy years will be helpful to create a bond with your neighbors!
As you can see, you’ve got most of the skills required to become a homeowner. All you need is to be brave enough to free yourself from the golden cage of the tenancy agreement. One last piece of advice: Start saving now so that you can build sufficient cash to get a lower mortgage deal!
