Rent-to-own is when a tenant signs a rental agreement or lease that has an option to buy the house or condo later – usually within three years. The renter’s monthly payments will include rent payments and additional payments that will go towards a down payment for purchasing the home.
If you're curious about rent to own homes, here's everything you need to know, from how they work to where to find them.
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Instead of "throwing away" thousands in rent while struggling to save for a down payment, your rent money goes toward the price of the home. So people always ask, how does rent to own work? Rent to own, which is also known as a lease purchase, is a contract between you and the seller to buy a house at a future closing date.
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The Rent to Own home buying process. With rent to own, the home buying process stretches out over a much more extended period. The buyer finds a property owner who is willing to enter into a rent to own agreement.
So, how does it work? I like to begin explaining rent to own by first saying this, "a house being offered as rent to own is surprisingly similar to a standard rental home. You are still considered a tenant during the term of the lease and the owner is your landlord."
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Part I: How Lease-to-Own Homes Work What is a lease-to-own home? If you want to own a home but can’t get a traditional mortgage, leasing a home with the option to buy is one way to achieve your goal of homeownership. With this option, the rent you pay during your lease will actually build equity in the home.
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In certain market conditions, when banks are tight on credit, the knock-on effect this has on property affordability can see many buyers unable to purchase a home in the traditional way. In these situations, creative solutions like rent-to-own become an attractive option. With rent-to-own, Fourie.