1. Choosing a rent to own home is a lot easier than other types of owner financing. Rent to buy tends to be more available since they are easier to structure and understand. Most rent to own terms is at least 12 months, 24 months and some as long as 48 months. This should be enough time for you to have whatever credit issues resolved.
2. In a lease to own, you are not obliged to purchase the property, bear in mind that this is an option should you wish to buy the home you are renting. In most situations, this will be beneficial for you. Instead of throwing rent out the window, it is preferable to get rental credits and a locked in purchase price. This is also a good investment and you and your family is assured of owning the property instead of looking for somewhere else to live when the term expires.
3. The average monthly payment and down payment is lower compared to other forms of owner financing. Additionally, you do not quite have the responsibilities of ownership until you actually bring your own financing.
In the real estate market today, rent to own has become very common. If you are looking for a new home, this deal could give you many benefits. Think of it this way, a rent to own will surely work for you since whenever you decide to purchase the property, you are already settled in it and you do not have to spend more money on moving costs. You can consider the money spent on the rent as your monthly investment to a home that would soon be yours and the deed will be in your name.
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