Some of the reasons I Love Rent-To-Own,
-
Purchase a with low credit score: Clients who cannot qualify for a conventional mortgage can buy a home through a rent-to-own program. Over time, they will work on the rebuilding of their credit scores and qualify for their own mortgage when it’s time to buy their home.
-
Lock in a purchase price: In a market with increasing home prices, clients will be able to buy at an agreed-upon purchase price; with the purchase taking place several years in the future. (usually three years (3)). Clients have the option, not the obligation to purchase the home. If home prices fall, although whether it makes sense financially will depend on how much they have paid under the agreement.
-
Homeownership Training: Clients live in the home learning all the ins and outs of homeownership before they actually purchase the property. As a result, they learn about issues with the house, prepare for maintenance, and any other issues that come up.
-
Move less: Clients who are committed to own their home (but unable to buy today) can get into the home they’ll eventually buy. This will eliminate the cost and inconvenience of moving over and over again.
-
Build Equity: When you rent, you do not build equity the same way homeowners do. However, in a Rent-To-Own program, initial and monthly payments will accumulate and provide a substantial deposit to be used toward the home’s purchase at the end of the program.