3 Easy Steps to Go From Renting to Buying

By Chris Doherty

Christian Doherty lists and sells more homes than any other agent in the Greater Lowell, Massachusetts market with over 300 homes sold in the past 12 months. Chris is ranked in the top 1% of all agents in the United States.

Ready to stop renting and finally own your own home? Making that leap can feel intimidating, but it doesn’t have to be. With a clear plan and the right steps, you can move from renter to homeowner more smoothly than you think. Let’s break it down into three simple steps.

Get your credit score in shape. Your credit score plays a huge role in your home-buying journey. To qualify for most loans, you’ll need a score in the high 600s or low 700s. If your score isn’t there yet, don’t worry—there’s time to improve it. Start by reviewing your credit report, paying down high-interest debts, and avoiding new credit accounts. Working with a lender can help you create a plan to boost your score to where it needs to be.

Save for a down payment. You don’t need a huge down payment. For many buyers, 3.5% to 5% of the purchase price is enough to get started. If you’re looking at a $400,000 home, for example, that means setting aside $14,000 to $20,000. This might sound like a lot, but if you compare it to the first month’s rent, last month’s rent, and security deposits you’re already paying as a renter, it’s often not that different. Start saving now, and you’ll be amazed at how quickly your goal becomes reachable.

Lower your debt-to-income ratio. Your lender will look at how much of your income goes toward monthly debt payments. Ideally, your total debt—including your future mortgage—should be below 43% of your income. If it’s higher, focus on paying off smaller debts first. Every little bit helps bring that ratio down and makes you a more attractive borrower.

By following these steps, you’ll be on your way to homeownership. Partner with a trusted lender and real estate agent who can guide you through the process, and you’ll have a home to call your own in no time. With a clear plan and the right support, you can make the leap from renting to owning. Call or text me at 978-746-0124, or email me at chris@dohertyproperties.com if you have any questions.