Ask Away...: Renting A Home is Easier Than It Looks

Saturday, May 20, 2017

Renting A Home is Easier Than It Looks

Renting A Home Is Easier Than It Looks

Whether you have been working for a few years or you are close to retirement, living in an apartment can put you close to people in your community.  At the same time, because apartment communities tend to have ups and downs as people move in and out, you could find yourself in a situation where your enjoyable place starts to become a headache.

The current answer for many renters is to look at renting a home.  The reason?  Although, more than 10 years ago, home rental prices were relatively higher, the housing market crash took a lot of homes out of circulation.  They weren't remodeled and put back into service until the last couple of years.  Now that they are on the market, they have made the rental price more competitive and attractive to people that are currently renting an apartment.

Here are some ways that you can get started renting a single family home:

Work on your credit:

If you are renting from a landlord that also offers single family homes, your payment history in your apartment will often be enough to help you qualify to rent a home.  On the other hand, because the bulk of the single family homes that are on the market are owned by corporations that specialize in that part of the real estate market, it is a good idea to ensure that your credit is good as possible. 

Most people know that you can get a copy of your credit report online.  What they don't sometimes realize is that it is possible to make purchasing decisions that will increase your score.  Credit counselors and reputable online sites can be a great source of detailed information as to how to go about that if you find that your score is below what you would like it to be.  In general, the number one reason people do have a lower score is that they are not using their credit cards on a regular basis so there is no history for the credit companies to work with.

Enter a program:

Once you do have the credit rating that you would like,  you can look at homes in your area.  One thing to keep in mind is that some corporations like Invitation Homes are looking at putting a rent-to-buy program in place.

In a rent-to-buy program, you find the home that you want and then apply to rent it.  Each month that you pay rent, if you pay a little more, the money that you pay will go towards a down payment and closing costs.  In a way, instead of just renting, you are moving faster towards your first home purchase.  A really nice aspect of entering a program like the one that Invitation Homes is set to offer is that you are already living in the home that you will be purchasing while you are saving to actually make the purchase.

Browse inventory:

There are a lot of rental sites that offer single family homes for you to look through.  As mentioned, however, some of the larger companies have thousands of homes available all over the United States.  So if you go directly to their site, you can often find a home that you are looking for and apply to be accepted at the same time.  When you apply directly, most rental companies will give you a rent level that you are qualified for, allowing you to find a second or third choice from them if your first choice is already taken.

Finding your first rental home can be an exciting experience.  If you ensure that your credit score is strong enough in advance and then take advantage of programs and incentives, you should be able to find a solid home that you can enjoy.

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