Buying a lease to own home could be the solution to getting your dream home even on bad credit.
Buying a lease to own home isn’t like a traditional purchase. Keep this guide handy to make sure you get everything out of your rent to own option.
How the Rent Before Owning Option Works
There are two very mortgage alternatives with a lease to own option so it’s crucial that you understand which you’re getting into before you sign any contract.
How the Rent Before Owning Option Work
The first type of rent before you buy option is when you buy a home on contract. This is where the owner provides financing for the house so it’s another form of sale.
How the Rent Before Owning Option Work
The other type of agreement is a lease option. In the lease-to-own option, you’re still renting for a few years, but you lock in the option to buy the home.
Checklist for Your Lease to Own Home Contract
1. Sales Price 2. Rent 3. Expert tip 4. Maintenance and Other Costs
Who Benefits with Rent to Own Homes?
There is actually benefit on both sides in a good rent to own agreement. As a buyer, you can lock-in a house that you might not be able to buy just yet.
Who Benefits with Rent to Own Homes?
Home sellers in a lease option might be able to get a higher price or at least market value plus the option money.