How To Go From Renting To Home Ownership

Dated: March 29 2021

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There are several benefits to owning a home but it can seem daunting to take that first step to go from renting to buying. So where do you start? Here are a few tips to get you on track to purchase a home. 

Start saving. Cut back on your expenses where you can, and put that money aside for a downpayment. Cook at home, cancel unnecessary subscriptions, skip the extra night out. Even if it doesn't seem like you're saving a lot at first, eventually it will add up. A larger downpayment means you'll have a lower loan-to-value ratio which will get you a better interest rate from lenders.

Know your credit score. Request your credit score before applying for a loan so you know if it needs work. Make sure there are no red flags that need to be addressed and open a dispute with the credit card company if needed. If you need to increase your score, make sure you're paying your bills on time and keeping your credit card balance as low as possible.

Research first-time homebuyer programs. Some lenders offer loan programs to first-time homebuyers or people that haven't owned a home in the last three years. These programs often have additional requirements to qualify but they're worth looking into for possible assistance with a downpayment or closing costs.

Talk to a REALTOR®. There are a lot of moving parts when it comes to buying a home. A REALTOR®  can help you successfully navigate the process and be your advocate throughout the transaction.

Thinking about making the transition from renting to buying? Contact me today and we can discuss how to make it happen.

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Dawn Wild

Dawn Wild has always had a passion for real estate and is thrilled to be able to share it with others looking to buy or sell a home in Colorado. Originally from Vancouver, Canada, she relocated to Col....

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