Every tenant will not become a homeowner. A TRUE homeowner "to be" is someone who takes responsibility for themselves. They will not look for someone else to contribute to their cause. It is someone mature. It's someone who has added up the cost, and is willing to pay it. It is someone who does not need a "lord" over their land to supervise or make choices for them.
They have tempered their appetites in a prioritized manner. They are not looking for a hand-out. They are goal oriented and realistic. Rents are paid on time every month, and excuses are rarely made. These attributes become apparent while the "homeowner to be" is still renting.
There are many reasons why a renter may not have taken the steps to become a homeowner.
Here are three:
- 1) low credit scores
- 2) lack of knowledge
- 3) fear of leaving a set comfort zone
All three can be overcome when the tenant chooses to take the leap and/or come in contact with the truth about home-ownership.
A Realtor can assist an apprehensive potential homeowner by gaining their trust as they educate, answer questions, and guide them step by step. Investing in tenants who are transmitting these "signals" of future home-ownership is very rewarding!
Some "potential homeowners" may fall into the category where they may have to "rent to own". These are those who have admittedly disregarded their credit in their unwise decisions made in the past. These are those who have regretted their mistakes and have taken the necessary steps to rectify these errors through credit counseling and self-discipline. Some good tenants choose not to become homeowners for various reasons, even though they qualify.
Renters who are looking for hand-outs do not have ownership mentality. Some of these are the ones that make a life using governmental supplements, and do not plan to come off. They have limited expectations, and lack a desire to achieve. These are the "excuse" makers. These are among the ones who may think the world owes them. They have a do not care attitude about the landlord or his property. These are those who take the time to KNOW their tenant rights and exert them to the fullest. Some of these will live from eviction to eviction with no remorse or embarrassment. These are of the lot of "professional squatters" who lack moral ethics." Do not look for your future homeowner from this selection!