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What Is Renting To Own?
Renting to own presents numerous advantages depending upon your circumstances. But what exactly does “leasing to own” mean? Let’s put it in simple terms: Most individuals either rent or purchase their homes. In a rent to own agreement, a property owner agrees to rent a property to a tenant for a period of time, known as the “leasing” period. During this period, the tenant makes rent payments in addition to placing equity towards the home for a potential purchase. Once the lease period has ended, the tenant has the option to purchase the home. The equity placed into the home during the rental period contributes towards the purchase.
Is Renting To Own Right For Me?
Lease to own programs are phenomenal for the circumstances of many individuals. However, it’s best to note that it is not a wholesale solution. Leasing to own provides a window of time for a potential homebuyer to amass needed credit and/or financing to make an outright purchase. During the rental period, one advantage is that making rent payments are beneficial for credit purposes. This also allows a “buffer period” to amass the necessary finances to make a down payment. Have you relocated for work? Not sure if the move is temporary or permanent? Renting to own can be an advisable way to navigate the situation in a flexible manner. Be sure to continually monitor your circumstances when evaluating whether renting to own is your most sensible option.
How Do I Get Started?
FindRentToOwn offers access to numerous lease to own properties. You’ll be able to reach property owners offering rent to own terms once you activate your subscription. The helpful FindRentToOwn support team will be glad to assist you in most procedural questions you may have. Have you budgeted enough for your rent to own program? What payments can you afford to make? These are all worthwhile considerations to make. The FindRentToOwn educational team will be glad to assist you with these matters. We’re excited to help you begin your next journey in life – as a home owner!