Rent To Own OptionThere are so many housing units on the market nationwide with decreasing price tags, but loans are still mainly based on how good your credit is. So for people still trying to get a higher credit score and eliminate some debts, renting with the option of later buying can be a great idea. However, if both parties involved don’t respect the terms of their contract, renting to own can be problematic.
Traditionally, lease-purchase agreements were given by owners who wanted to give their longtime tenants a chance to finally own the home they’ve been living in for years. These days, renting to own, also increases the amount of buyers in a tough market.
To find these housing options, you can check for the lease purchase agreement keywords in the real estate advertising. Typically there’s a date at which time the potential buyer has to purchase the home.
With renting to own options, there are risks you should know about. It’s possible that buyers keep paying every month, only to find out that the owner hasn’t been paying his mortgage payments. Owners can also end up with people who really didn’t have any intention of eventually purchasing their place.
Even with the risks involved, this situation can still be ideal for some people. It can even save some owners from foreclosure. It’s just a question of listing the advantages and disadvantages or renting to own. If you’re interested in this form of acquiring homeownership, get the help of an attorney to look over the agreement between the parties.
To have a solid contract, make sure you know everything about your potential buyer including a credit report and if they’re interested in moving in or sub-leasing your place.
If you’re the buyer you should have the home inspected and do a walk-through together before deciding to sign off on the state of the house. There might be some repairs you’d like done, before you seal the deal.
Don’t forget that incentives can help make the deal happen.
If you’re interested in a renting to own situation, do the research and check out several properties before you sign an agreement on one. The more properties you see the more confident you’ll be in your decision. Once you find the one, make sure you ask the Maryland movers to help you with your move. We’re backed by four generations of movers and have experience in many different kinds of moves and storage as well. The Maryland moving specialists will quilt-pad wrap your personal belongings and offer you moving services like no other.