After 2008, people had to really become creative when it came to housing. Rent To Own Homes were an amazing one of theses solutions because it allows you to “test drive” the home before you commit to buying it.
How it works is that the tenant rents the home for a certain amount of time. Say, a year, then when that time is up, they are given the option to purchase the home. Often, they will be paying the down payment for the house a little bit every month proceeding the purchase. That is a portion of their rent during those months of renting.
Why Rent To Own Is Important
- You may also purchase the option to buy the property for a predetermined price at the end of your lease by putting down a payment. With this option in place, you are not bound to purchase at the end of the lease, but meanwhile, the property owner can’t sell to anyone else.
- Plans like this can appeal to people with little or no savings for a down payment, or people with bad credit or no credit who don’t qualify for traditional mortgages. Including those who lost their homes in foreclosures.
- Renting to own is also a way to get into a desired neighborhood in a timely matter. As with parents who need to be in school district for their kids, or people who are uncertain of their timeline. It’s a way to get into a house without committing to a 30 year mortgage.
What To You Do Next?
The Sub Prime Credit Store’s rent to own program helps you find a home, protects you legally, negotiates your lease, fixes your credit, helps you acquire a loan and close one that real estate. Lets just say it is the one-stop-shop for anything financial. So stop settling. Get into the home of your dreams.
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