Rent TO buy

You don't neccessarily have to just rent or just buy: some Realtors and developments give you the option to do a little bit of both. This entry on Trump University's blog details some of the options from a salespersons perspective, but there's some good points in there for buyers, too.

1. Realize that you might have to forfeit the extra rent that was going towards your equity if you decide not to live there.

2. ALAYS have an attorney that you trust read any documents before you sign. There's a difference between renting with the option to buy and renting to buy. Make sure you know what option you're leaving yourself.

3. Don't habitually rent with the option to buy. It's ok to realize that's not where you want to live once or twice, but salespeople will eventually not want to lease you another if they're never going to get a commission.

4. Keep your credit rating up so you do have the options when they present themselves.

One of Chicago's more popular rent/buy programs is at Magellan's Lakeshore East. The program allows you to save up to 2.5 percent of your equity by paying the rent at one of the development's rental properties to move into one of the for sale properties later. Plus, maybe you'd get a chance to live at one of the coolest new buildings in Chicago: The Aqua.