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Preparing for Home Ownership While Renting

Purchasing a home may not be at the top of your priority list or maybe it feels out of reach. Did you know that there are actions you can take now while renting that will help prepare you to purchase a home in the future? I break it down in three simple steps below:

See What Your Budget Realistically Looks Like

You’re already living this. You’re paying rent, utilities and renter’s insurance, so you’ve got some of the basics down already. Having a conversation with a Realtor® and/or lender will help guide you to your home affordability, what you would need for a down payment and what typical closing costs look like. The key takeaway here is that home ownership sounds like it’s out of reach but do you KNOW? I can help you know for sure what your budget would be and the best part? It costs absolutely nothing to have a simple conversation about affordability. Home ownership may not be as far-fetched as you once thought.

Check that Credit

If you’re not on one of the credit monitoring platforms such as Credit Karma, here’s your reminder. It’s always good, whether or not you plan on purchasing a home, to monitor your credit. There are a lot of factors that play into what your score is and if it’s subpar, there are actions you can take while renting to correct it. If you prefer not to be on one of the monitoring platforms, you can always request a free credit report to find out what a lender could see on their end but I have found that being on Credit Karma helps me monitor my credit regularly.

What’s on Your Wish List?

This may seem like an easy one, but when it comes time to search for homes for purchase, you’ll want a pretty good idea as to what exactly you’re looking for. What are some of your negotiable features versus your non-negotiable features? Have you thought about it? Don’t forget that when it’s time to search for homes, you can expand upon that list as you’re searching.

To avoid surprises along the way, you should link up with a fun and professional Realtor® (I know someone) that can help guide you through the process. It costs absolutely nothing to you and it’s never too early to have a conversation. I am here to help!

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