How to Request to Rent Instead of Buy a Home

For varying reasons many people choose to rent in lieu of buying a home. For some the reasons are as simple as jobs that will require a move within the coming year or shortly thereafter. Others may have credit issues that prevent them from buying right away. If you have your eye on a home you would like to move into, but think it isn't possible since it is for sale and not for rent take heart --it may not be out of your reach after all.

Instructions

1. Look at homes that have been up for sale the longest. You stand the easiest chance of renting a house that has become a financial burden on a couple than one that has been on the market only a short time. You can find out how long a home has been up for sale by inquiring with the listing agent. Realtor.com will often give the date a home was listed as well. If it has been on the market for more than a couple of months you can put it on your short list of homes to inquire about renting.

   It is always easiest to ask the owner directly. But since most homes are listed with a real estate company your options are limited because the realtor will also double as a gatekeeper since he or she has a vested interest in selling the property.

2. Ask the agent if her client will consider renting the house to you while it is still up for sale. With the present economy not expected to take an up swing for another couple of years, it could be in their best interest to at least keep the mortgage covered while waiting for a buyer. It will be a bit of an inconvenience to you while you live there, but if you need a home for a short period of time and are short on options it will be worth it in the end. The good news is that you can usually rent a home this way for far less than your payments would be if you bought it since the owner is simply protecting his investment until a permanent solution comes along.

3. Pay attention to your wording. Rather than approaching an agent or home owner with the word "rent" when the goal is to sell a home, use the word "lease". Take it a step further and use the phrase "lease option". Ask if you can lease the home with the option to buy with a balloon payment in 3 years (or however long you intend to rent). The downside of this approach is that you may need to come up with a larger deposit, which won't necessarily be refundable. Plus, in a lease option you will have to do some strong negotiating in order to keep repairs the responsibility of the owner. If you know you have found the house that is perfect for you for the time being, taking this route, though it requires some compromise from both parties, may just work.

References

• date home was listed