by Jeff
26. August 2011
Home buyers in need of housing fast need not look further as rent to own is the clear answer to your woes. if you’re someone who’s wanting to get away from the renting scene but don't have quite the money or budget to spend on a new house then you can rent now and buy sooner with rent to own, with a flexible program and a variety of houses to choose from you can say goodbye to renting and invest your rent money on something that can be yours in the long run. Rent to buy is the process of renting your home and putting your money through a contract wherein a percentage of your rent money gets applied to the total price of your property resulting in a substantial difference in the purchase price once you’re ready to buy the home.
Rent to own is tailored for first home buyers or bankrupts or people with bad credit history wanting to start a clean slate and need housing. With rent to own you won’t ever need to worry about throwing your hard earned money down the drain or rather inside you Landlord’s pocket because now you’re paying for your future home and a good one at that. Typical rent to own programs have you sign in for a contract for 1 or 2 years giving you much needed time to establish your credit history, or improve your current one to qualify you for a mortgage. Repayments are calculated based on the size and total price of the property but other times on your capacity to pay. You may try negotiating with the owner for a lower repayment or higher deposit.
Down payment or deposit may be required for a rent to buy property this would depend on the terms of the seller or institutioin handling the sale. While it is possible to acquire a no deposit property, the beauty of having a deposit is that a fixed portion of the money is also applied to your purchase price assuring you that your money is actually working for you.
Of course, when shopping for your home or property of choice, make sure the size and type of property would suit your needs as this would be your future home. Check the area of and accessibility to commodities like supermarkets, schools even how far it is from your work. Before closing a deal on paper, check that you understand all the details to avoid miscommunication. Finally don’t compromise for the price, as much as possible narrow down your options and don’t settle for something that’s 50,000 less yet not exactly what you wanted. Rent to own is about giving buyers choices, if the seller doesn’t have what you’re looking for then shop around some more and find something that fits your taste and budget.
Who says you can’t have the home of your dreams? with a little start up money you can choose to rent now and buy sooner with rent to own. See how easy it is to have the keys to your own dwelling today.