Here’s the deal: You’ve been renting forever, and you’ve decided that you’re finally ready (and financially prepared) to buy a home and put down roots. But the more you look at live on-market listings, the more you realize the home you’d like to buy is…the one you’re already living in. Sound familiar? Wondering if buying from your landlord is even possible? We’ve got you covered.

Keep reading for everything you should know about buying the home you rent today!

#1 Get To Know Your Landlord: The first step in the rent-to-buy process? Knowing your audience. Our advice? Figure out everything you can about your landlord up front — from whether they own multiple properties to their plans for their future to their emotional investment in the house. The reason for this anticipatory homework is simple: If your landlord is renting out the home temporarily but envisions living there again someday, the purchase will be infinitely more difficult — unless you make them an offer they just can’t refuse.

#2 Start With A CMA: Before you start throwing out offers, it’s smart to find out how much your landlord could get by selling. Otherwise known as a comparative market analysis, a CMA will tell you what the home you’re renting is worth on the current market. Getting a CMA done properly is key to finding a correct price range for your home. From there, you’ll be able to decide if you can even afford to buy the home you’re renting, and whether buying it is actually the right move for you.

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➤ Are you thinking about buying your first home this year? Here are some more blog resources to help you get started:

• How to Make Your Homebuying Resolutions Come True
• Why Work with a Real Estate Agent to Buy Your Next Home
• The Top DMV Neighbourhoods for First-Time Homebuyers

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#3 Get Pre-Approved: Just because you’ll be dealing directly with your landlord doesn’t mean that getting pre-approved isn’t as important as it is in a regular transaction. Why? Because a landlord is still a seller, after all. Not to mention the fact that getting your home purchase financed isn’t any easier because of the nature of the deal. Once you’re pre-approved, then you can approach your landlord confidently and with something to back up your proposition.

#4 Engage Your Landlord In Conversation: Is your landlord even ready to sell? Ultimately, it’s their call. Once you’ve decided if you can afford the home and have your pre-approval letter in hand, it’s time to approach your landlord about your desire to buy their home. And what if your landlord is adamantly against selling the home and prefers to retain it as a rental investment? You may just need to accept that a move is in your future.

#5 Hire A Trusted Agent: Let’s say your talk goes well, and you’re ready to move forward. It may seem like a done deal — and like hiring an agent is unnecessary since you and your landlord have such a solid landlord-tenant relationship. But here’s the thing: Buying a home is a whole different ball game. The paperwork is detailed, the stakes are high, and the consequences are even greater. The point? Sometimes, it really helps just to have another person in the room who knows what they’re talking about.

Need an agent to help make your rent-to-own aspirations come true? Our trusted team of professionals will always be in your corner. Book a consultation with us right here.