What to expect when making the jump from renting to home ownership #CanadaFinance

Going from renting to owning is a major life upgrade — but now that your name is on an asset, you have to take care of it.

“Honestly, I think the biggest shock for people moving out on their own, and out from a landlord, is really that they don’t get to call the landlord now when something goes wrong,” said Jennifer Queen, Realtor with The Queen Team, Re/Max Professionals, in Winnipeg.

Properties require regular maintenance, especially houses — from eavestroughs, dryer vents and furnace filters, to water drainage away from the house, Queen said.

“If you’re new to this — you don’t have a parent or a family friend that can advise you — I would honestly hire a home inspector to come out, even post-purchase, just to familiarize yourself with the property and what to do,” she said.

Home inspectors should have checklists to share with you, she added. It would at least be a starting point with an expert, and you can always research more online.

“‘YouTube University’ is wonderful these days,” Queen said. “It’s also a matter of deciding what you’re comfortable with (fixing yourself), and where you need to hire the professionals.”

You can tap your agent for help finding reputable contractors, said Calvin Hexter, Realtor from the Calvin Realty Team, eXp Realty, in Edmonton. These networks are a part of their business buying and selling homes.

“One tool that I think is under-utilized is the Realtor,” Hexter said.

“The Realtor that assisted you to purchase the home should have a strong list of maintenance contacts they will provide you at any point after the sale. And this can go from electricians to plumbers, to HVAC techs, to roofers, to landscapers — really anybody. And there should be a level of credibility there as well.”

Condos are a bit easier and cheaper, he pointed out, since the board is responsible for the roof, exterior, windows, and so on. Your condo fees contribute to that. Owners are responsible for the property within those four walls, usually electrical, plumbing, furnaces and water heaters.

Online resources and videos are valuable, Hexter agreed, and researching spring and fall checklists are a good way to give your property a tune-up as the seasons change. There’s long-term value in educating yourself about home maintenance and general upkeep.

“(I wish) you almost did have to go through a little bit of a course before homeownership,” Hexter said.

“I think we’d have a lot healthier properties out there … as opposed to jumping into it and then just hoping everything is good, where in most cases it’s actually not.”

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