Rent Like You Own It
Priority 1 Lending
Priority 1 Lending
Published on May 26, 2023
Rent Like You Own It

Rent Like You Own It

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.

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How to “Own” Your Rental Space

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Consider Renters Insurance: This will protect you and your personal property from unexpected incidents like theft, vandalism, or natural disasters.
  8. 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.

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