Rent to Own - An Awesome Path to Home Ownership!
You may have noticed that rent to own is talked of as one of the best ways to get yourself into a new home. I mean, renting is renting. You still don’t own it. Your money is still going to enrich another, right? Maybe. Maybe not. One of the best parts of renting to own homes from a buyer’s perspective is the ability to apply some if not all of your monthly rent to the eventual purchase of the property. The actual amount you get applied is subject to smart negotiations on your part, but it is a terrific way to come up with a down payment, particularly if you don’t have one going in. Just think about it. If you managed to get $1000 of your rent applied to purchase over the life of your 18 month rent to own agreement, at the end of the term you’d have a sweet $18,000 down payment banked with the owner! Another advantage is that you usually don’t need as good credit as you might in a purchase. In fact, many people who employ rent to own as a strategy or getting into a new home are working on their less than perfect credit to begin with. Often the time spent as a renter is enough to clear up many negative aspects of any credit report, and raise credit scores enough to make interest rates palatable when you eventually buy the house. Another great aspect is that you actually get to try out a home before signing on the dotted line for 30 years or so. Test drive the home, the neighborhood, and the life you’re going to live beforehand. Also, you may need to get into a situation more quickly than you might be able to with an outright purchase. Rent to own homes are much faster to find your way in to than you might imagine, often done in a matter of days! There are many good reasons to use rent to own homes for your next real estate purchase. These are just a few to whet your appetite!