is rent to own good
Rent to own is a home buyer strategy that sounds a lot better than it is in reality. As a mortgage professional, I am coming from the perspective of guiding thousands of folks on the path to home ownership. Rent to own is not what it sounds like, and could cost you thousands of dollars. My expert advice is be careful!
Rent-to-own plans may seem like a good idea at first. But once you look into the total cost, it is apparent that these plans are just too good to be true.
Although homeownership is high in the U.S. today, it wasn’t always the case. Historically, families either needed to build their own homes or rent a home from someone else. While both renting and.
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· Renting-to-own allows tenants to “test drive” a house and neighborhood while accumulating their down payment. The agreement stipulates how much of the monthly rent will become rent credits – to be applied to the purchase price. If the home price is $200,000, the landlord may agree to apply 30% of the $1,500 monthly rent as rent credit.
For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house.
Rent-to-own deals are especially risky for buyers. Several scams take advantage of people with poor credit and high hopes of buying a home. Even with an honest seller, it’s possible to forfeit a lot of money if things don’t go as planned.
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With a rent-to-own property, many times the tenant takes better care of the home because they have a vested interest in its future. Because these sorts of contracts can vary quite a bit based on the parties, what’s listed in the agreement – how long the contract is, who pays what at closing – is crucial to its success.