If you’re currently renting, you may be wondering how to make your rented property feel more like your own. At Priority 1 Lending, we believe that everyone deserves a space that feels like home. We’ve compiled a few tips on how to bring a personal touch to your rental, while also preparing you for future homeownership.Verify my mortgage eligibility (Dec 9th, 2023)
How to “Own” Your Rental Space
- Understand Your Lease: Before making any changes, it’s vital to know what your lease allows. The lease is a legally binding document that spells out what you can and cannot do in your rental.
- Personalize the Space: Even within lease restrictions, there are many ways to make the space yours. Consider removable wallpaper, area rugs, artwork, and personal mementos to add character.
- Keep it Clean and Well-Maintained: Treat your rental property as if you owned it. Regular cleaning and maintenance can help you avoid potential issues down the line and also prepare you for future homeownership responsibilities.
- Communicate with Your Landlord: Build a good relationship with your landlord. Clear and open communication can help when you need permission to make changes or when dealing with any issues that arise.
- Set Aside Savings: While you’re renting, it’s an excellent opportunity to start saving for a future down payment. Making regular, disciplined contributions to a savings account will make you more prepared when it’s time to buy.
- Be a Good Neighbor: Living in a rental often means closer proximity to neighbors. Developing a courteous and respectful relationship with them can make your living situation more enjoyable.
- Consider Renters Insurance: This will protect you and your personal property from unexpected incidents like theft, vandalism, or natural disasters.
- Building Credit: Paying your rent on time is an excellent way to build your credit history. A good credit score is a key component when you’re ready to secure a mortgage for your own home. Consistent, on-time payments will show potential lenders that you’re a reliable borrower, and this can be beneficial in securing a favorable mortgage rate.
Preparing for Homeownership with Priority 1 Lending
While you’re making your rental feel more like home, consider what homeownership could look like for you. At Priority 1 Lending, we are here to guide you through your journey towards owning a home.
When you’re ready to take the next step, we’ll be here to help you navigate the home financing process and find a mortgage solution that suits your needs. Until then, make the most of your rental and start laying the groundwork for your future as a homeowner.Show me today's rates (Dec 9th, 2023)