In addition to the good tips below:
1. Don't spend over 30 percent of your income on the lease payments. You will be cash poor an unable to save for purchasing your own home down the road.
2. Read the lease agreement. Make sure you agree and can live with the aspects of the lease. Although the market is tight, don't be too desparate.
3. If it is a condo with an HOA, the covenants will also apply to you in regards to parking, noise, smoking or whatever other beneficial or weird rules apply.
4. Consider things like the time frame of the lease. Usually the longer the lease the better the terms. But don't sign a long term lease if your job situation is tenuous.
5. Be clear on property managements policy on roommates that are on the lease or not on the lease. Know your rights.
6. Talk to a lender. It will help you know when you will be able to purchase and you can time your lease accordingly. The lender can also help you to understand what a good payment will be for your budget. You also may be surprised that you qualify for purchase with payments lower than the lease payments. Sometimes with little or no money down.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246