3 ways to prepare for homeownership while renting

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A woman with glasses using a magnifying glass to look at a toy house in her hand

06/26/2015 | Author: Summer Mandell

You may not be quite ready to buy your first home, but that doesn’t mean you can’t start preparing now. Here are three actions you can do while renting that will put you in a better position when you’re ready to buy.

Take a homeowner’s budget for a test drive. While you can’t predict all homeownership costs down to the last penny, you can come up with a rough estimate of how owning a home will impact your budget. A Texas REALTOR® can help you figure out how much home you can afford, the potential mortgage payment you’d make, your local property taxes, and repair costs you might want to consider as a homeowner.

Check your credit report. Before you apply for a loan, you should request a free credit report to find out what a lender would see. If your report has errors, you can correct them before they affect your ability to qualify for a mortgage loan. And if you find legitimate flaws, you might be able to take steps to improve your credit before purchasing a property. Your Texas REALTOR® may be able to help you find resources to repair your credit.

Create a realistic wish list. There’s probably not a home that will offer every single amenity you desire, but you should have a general idea of what you’re looking for. So while a home with fewer than two bathrooms may be non-negotiable, perhaps you’d see the potential in one with a smaller kitchen or a not-so-appealing exterior paint job.

It’s never too early to talk to a Texas REALTOR® when you know you’re going to buy a home. A Texas REALTOR® can answer your questions about the homebuying process and help you avoid surprises along the way.

Categories: Buyers
Tags: renters, buyers, consumers


Mildred on 12/15/2015

One of my favorite articles.

Jeri Hallberg on 07/07/2015

Great advice thanks Terri!!!!

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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