how does rent to own a home work
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.
How Does Rent-to-Own Work? You pay a deposit plus rent and rent premiums. Rent payments go toward the seller’s mortgage, and the premiums are your down payment when you buy the home.
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A rent-to-own home contract, also known as a lease-option, incorporates a purchase option into a traditional rental or lease agreement. Although not all states have laws governing rent-to-own contracts, those that do generally provide for a rental period of about 1 to 5 years.
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Rent to own homes in Massachusetts has advantages and disadvantages for both parties. Buyers have the chance to purchase a new house and the seller is relieved of mortgage payments. This is the best option for buyers who cannot afford to purchase their own home.
Rent to own on a house works when a tenant leases a house from a landlord and buys it before the end of the lease. The landlord and the tenant come to an agreement when they sign the contract that the tenant can purchase the property for a set price. First, you’ll pay a small, upfront option fee.
How Does a Rent to Own Home or Lease Work? If you’re looking at homes you may find work come across a "rent to own" home or as a seller you might be interested in this type of option but are not sure how it works or how to go about buying or selling your home in this fashion.
So, how does it work? I like to begin explaining rent to own by first saying this, "a house being offered as rent to own is surprisingly similar to a standard rental home. You are still considered a tenant during the term of the lease and the owner is your landlord."
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