Is Rent to Own Right For You?
Owning a home is not a vastly complex process but for those who lack the right experience and tools it can be very confusing and overwhelming. With any real estate transaction there are many variables to consider when deciding on renting a home, buying a home, or going the rent to own route. In this article we will be going over how you can decide for you and your family whether or not rent to own is a good fit for you.
Perfect Rent to Own Scenarios
- Just moved into an area and need time to get settled before you get a loan
- You need a 6-24 month time span to clean up your credit score so that you can get a loan
- You need time to finish saving for a down payment
- You would like to check out an area before you commit to buying
- You are self-employed and are having trouble getting a home loan
- You are a first time buyer having trouble establishing credit to get a loan but are making more than enough money to own
- You are pre-approved for a loan but would like to wait for a lower interest rate while trying to increase your credit score
Rent to Own May Not Be For You If?
- You are not on a program or schedule to alleviate debt, fix your credit or save money for a down payment
- You are looking for a quick fix and haven’t done you’re homework on the process
- It is unrealistic for you to be able to purchase the home after the lease period (wish and a prayer technique)
- You are uncomfortable asking tough questions and negotiating with the seller
- You are unsure if you will need to relocate within a couple of years
If you notice that you’re situation includes one or more of the reasons that rent to own may not be right for you we urge you to be extremely careful because you could end up losing a lot of time money and effort and still not own a home. On the other hand if you have a great reason for using a rent to own strategy we are excited for you and give our seal of approval to start looking for a great rent to own deal!
US Lease Option wants you to help make the right decision when it comes to owning a home whether you use traditional or non-traditional financing. If you have questions about rent to own please feel free to contact us at Rent2OwnQA@usleaseoption.com. If you know someone who is trying to buy a home please share this article so they can make the right decision for them and subscribe to our blog for more rent to own real estate info.