Reasons Why A Rent-To-Own Home Might Be Best For You
Rent to own homes refer to homes that provide an option for you to buy them after your lease period. This means you are able to rent the house instead of losing it. Although just like any business transaction there could be problems, they offer numerous advantages to both home buyers and sellers. Alternative options to owning a home besides Rent-to-Own include the conventional make a down payment and get a mortgage or full one time payment
If you are hoping to own a home and are not yet sure how to go about it, here are some reasons a rent to own home might be a better option for you:
#1.You don’t have enough for a down payment
If you don’t presently have enough money to make the down payment, this option might be the best for you. This is because, you can make an agreement to buy it at the end of your lease period and start saving towards getting enough money to buy the house.
#2.Your income can’t pay for a mortgage
If your present income can’t pay for a mortgage, and you really want to live in the house, the rent to own option is most likely your best choice. It gives you the opportunity to get the house and time to figure out how to get a mortgage you can pay for.
#3.Your credit score is not all that good
If your credit score is not good enough to allow you get a loan for the house, using the rent to own option, gives you time to build your credit score to a point wherein you can take a loan or get a mortgage. (We don’t advice using your credit card to take a loan for the purchase of homes)
#4.Your income is likely to increase soon but you want a house now
If your income is likely to increase and you want that particular house, the rent to own option, gives you time till your income increases. This means you have the option to buy the house you want when you have the money you need.
#5.You absolutely love the house
It is not unusual to fall in love with a house you can’t presently afford. Instead of going on to wonder if you would have been comfortable there, the rent to own option helps you to try out the house whilst giving you the option to buy it if you want.
#6.You believe the home prices will rise
If you are good with real estate and can predict the rise and fall of the market, renting to own a house which is likely to increase in market price would mean that you have the opportunity to buy the house at locked price at the time of renting, this means you will stand at an advantage in the long run when property values are likely to have risen.
