Rent to Own Houses
Rent to Own Houses:
If you are trying to decide to rent or buy, click here to read my article renting vs buying first.
Most rental homes do not outright advertise being a lease to own house but many property owners are open to consider such a tenant agreement.
Houses for rent by owner or through a leasing agent will provide the
rent to own contract
which is very similar to a traditional lease agreement with the exception of a clause to include the agreed purchase amendments.
If you plan to look for
lease to purchase homes
, you must stay current with your rental payments now and honor all the debt commitments you have. Property owners will likely run a credit check to make sure you are in good standing before agreeing to such terms.
In most cases, how it works is a percentage of your rent payments are held in "escrow" and considered down payment for the purchase. An example would be:
$1500/month rent dues with $100/month going toward down payment.In 2 years you have $2400 credit toward down payment.
You must still obtain financing for the home unless the owner has offered to do owner financing. If you go with a bank loan, they will require a separate down payment, and closing costs. In this case, the monies you had credited with the property owner simply reduce the mortgage amount, not your out of pocket expense.
List your home for rent right here! Then you can use the created webpage in your paper and online marketing. You will have your very own online rental listing. Please note this is NOT a MLS listing.
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