Rent to own home option can be a beneficial option many times

Monday , 24, March 2014 Leave a comment

If you’re interested to own a home but really not in a position to afford it finically, the best option can be rent to own or a lease option home.

Rent to own home option can be a beneficial option many times.  It’s also called a lease option home. Renters pay a certain amount every month to live in the home and after a certain period of time (mostly within 3 years) they have an option to buy the home. This process is similar to car lease — Renter pays every month, while a percentage of rent goes towards a down payment to finally by a home

Before they agree to this agreement, it’s important that home owner and the renter are clear about the contract. Owning your own home is a big deal for anyone.  So, it becomes essential that both the owner and renter must  look at all their options before signing  to any contract.



Benefits and risks to sellers and tenant buyers:

  • If the real estate values are declining, sellers can lock in the higher price while entering into an agreement.
  • Many sellers use the rent amount to pay the existing mortgage on their old homes, which reduces the financial burden.
  • The seller still has option fee and rent premiums as income if the renter does blackout at the end of the agreement.
  • Maintenance is the responsibility of  the tenant buyer.  Homeownership requires maintenance for-sure and you are now renting to own. It’s become the responsibility of the home buyer to maintain the home. This includes stuffs like – Lawn work, Snow removal, broken window etc. If major maintains are required, the owner remains responsible.

Because of numerous complications, both Buyer and seller should get the assistance of real estate experts.

You can now book an appointment online!

Contact Details
315 W. Elliott Rd. Suite 107-218
Tempe, AZ 85284

Please give us your valuable comment

Your email address will not be published. Required fields are marked *