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What is Rent-to-Own?
A rent-to-own agreement is a contract for a set amount of time in which buyers have the option to purchase a property when the lease expires. In a typical scenario, the tenants can rent a property for an agreed amount of time, and at the end of that period, have the option to purchase the home. During the rental period, a portion of the rent is often credited towards the down-payment, sales price or closing costs. Tenants may also agree to buy the property for a predetermined price at the end of the lease by putting down a non-refundable payment of about 3%. With this option, the tenant is not bound to purchase the rent-to-own property at the end of the lease, but the property owner can’t sell to anyone else.
Why should you Rent-to-Own?
A rent-to-own home works similar to a car lease. Renters pay a specified amount of money each month to live in the house, and at the end of a set period, they have the option to buy the house. For many people, a rent-to-own home is the best alternative. People who are interested in buying a home but don’t have enough money saved for a down payment, or people who have low credit or bad credit can benefit from a rent-to-own agreement. Every month a portion of the rent goes towards the down payment to eventually buy the home.
How to Rent-to-Own
Rent-to-own is one of the best ways to buy a home. When you enter a rent-to-own agreement, a portion of your rent payment goes towards your down-payment; which means, that you don’t need a large sum of money to secure a home. By entering a rent-to-own agreement, you can skip costly mortgage insurance while at the same time, you enjoy the benefits of living in the property you’ll be buying. The rent-to-own process also helps improve your credit rating and your chances of being approved for a conventional mortgage.