Why Rent to Own Houses are Very Helpful
It’s a fact that not all people have the capability of buying a home through conventional ways, which is why a rent to own houses are the best option when it comes to a home ownership. A rent to own option is able to help bring your dream of being able to own a home come true.
In many situations, rent money will go to the landlord which they pay to mortgages on the home and will supplement their income. But with a rent to own houses, a portion of the money will go towards the purchase of the property, which will make it an easier way for renters to invest in a home.
This actually is also a good option for those having poor credit score. The fact that the rent payments are going to go to the home’s purchase, it will work like a mortgage. When it is time to make the last payment and the purchase of the property, the landlord could then use the credit which the tenant has established in justifying the transfer of the deed and the sale of the property.
When it comes to typical mortgage and home purchases, it would usually take months after the offer has been accepted on a home before buyers could then move in. Through rent to own houses however, you could just move in a week or two after you have made the deal and signed all documentations which are necessary.
Rent to own houses also have its equity build faster because the appreciation is much faster compared to the average mortgages. When tenants have control of the home, they could then make necessary improvements when they are paying the rent. When it’s time for you to make the last payment, its purchase price is lesser than the value of the property.
After tenants move in, they could then get a full control of the property and can make adjustments that they think is fit. The fact that they have a high stake on the property, they don’t spend their own money in improving a home that they dont live for a long time and will own it in the future, which is why landlords don’t need to worry of tenants damaging the property.
Because the home still belongs to the owner or the landlord, they are still the one responsible for the property taxes until the balance will be paid in full and the ownership is transferred towards the tenant. This actually benefits the tenant because it becomes easier for them to save money until they own the property.
Even though the rent is much higher compared to conventional renting, it is very worth it knowing that the property will eventually be owned by them in the future.