Introduction

• Finding the right rental home significantly impacts your comfort, financial management, flexibility, and provides a chance to ‘test-drive’ different homes and neighborhoods.
• Renting is a stepping stone towards homeownership, renting allows you to save for a down payment, build good credit history, gain understanding of the real estate market, and prepare for homeownership responsibilities.

Step 1: Identifying Your Housing Needs

• Understanding your lifestyle needs, budget, desired location, and other key factors that will influence your rental decision.
• A realtor has access to many rentals that are not available in publications and can help you prepare a compelling rental application.

Step 2: Things to Look for in a Rental

• Key aspects to consider when viewing potential rentals: structural condition, safety measures, neighborhood quality, proximity to amenities, etc.
• A realtor can provide expert insights on the property’s condition, potential issues, and neighborhood to help you assess each property’s suitability.

Step 3: How Renting Can Help Prepare You to Buy

• While renting, you can set aside money equivalent to potential homeownership costs, helping you build a strong financial foundation.
• Renting can help you gain a realistic understanding of what you want in a future home as it’s a different experience from apartment living.

Step 4: Exploring Lease to Own Options

• As your realtor about lease to own options, which enable you to rent a home with an option to purchase the property at the end of your lease..

• This is a great way to build equity and gain experience with homeownership responsibilities before committing to buy.

• Be sure to have your realtor review the contract closely and provide details on how it works, your obligations, rights, etc.

Step 5: Understanding Your Lease Agreement

• While renting, you can set aside money equivalent to potential homeownership costs, helping you build a strong financial foundation.

• Realtors can explain the terms and conditions to you, ensuring you understand all your rights and obligations as a renter before signing the lease.