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Rent To Own Home
The decision to buy a home can be a
long and involved process. The main
issue is finding a home you can afford.
Then once you find a home you are
pretty much locked into staying there
for a specified period of time. This is
fine if you are sure you like the home.
However, if you decide that you are not
happy with the home for whatever
reason, the process of getting out of
that home could be long and involved.
A rent to own arrangement offers an
affordable , simple, and practical
solution.
Let's take a look at the cost factor. Mortgages can be a big expense to take on right
away. For those with less than stellar credit actually qualifying for a home loan can be
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2. near impossible. Saving up the money for a home can also be a tedious and time
consuming undertaking. While there are many reasons to want to own a home, actually
achieving that dream can take some time. A viable solution is rent to own . This gives
you the option to lease the home for a year or so before actually committing to purchase
that home. This solves the problem many homeowners often face in the first year or so
known as "buyer's remorse" where problems or concerns you didn't initially think about or
consider coming to light.
A rent to own arrangement can be beneficial for both buyers and sellers. It can be
difficult to find buyers today who meet the qualifications needed to readily purchase a
home. This includes not only good credit, but the ability to make a large down payment
and handle home-related expenses such as repairs. The rent to own arrangement affords
those who would not normally meet the standard criteria to purchase a home outright.
Rent to own gives more people a chance to get that dream home.
Now let's look at the advantages of a rent to own
set up. The obvious advantage is that it gives
buyers a chance to experience the house. A
home owner or a real- estate agent can sputter
off facts and figures and stats all day, but until
you actually live in the home you do not really
know if it is truly right for you. When getting an
initial look at a home some problems are not
noticeable. Issues with the pipes or drafty
windows take time to become aware of. In addition, someone showing you the home is
likely to gloss over any negative aspects of the home.
A rent to own arrangement is also great for those with credit issues. Renting a home at
first gives you time to build up your credit and equity over time. This can make the
transition to home ownership a lot easier. Rent to own can also bring in more potential
customers instead of a doing an outright sale. You will likely get less people who are just
curious to see what your home is like or are not realistically planning to buy because it is
simply too expensive.
In addition, a poor economy means that less people can afford to purchase a home
outright or qualify right away for a loan or mortgage. Another benefit for sellers is that if
the buyer makes the decision not to purchase the home following the initial rental period,
the rent credit is considered to be non refundable.
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3. Rent to own has many advantages. It gives those selling their home more offers from
people who are seriously interested in buying a home. Generally people who want to do
a rent to own arrangement are committed to the idea of eventually owning that home.
Advantages apply to renters as well. In addition to giving a break to those with credit
issues or with limited financial resources, it also gives people a chance to get to know
what may become their new dream home.
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