Should You Be Renting To Own A Home?
Rent to own homes or lease to own – it doesn’t matter how you say it, the same principle applies in all instances. House hunters today want the best of both worlds, feeling out homes in specific neighborhoods without committing 100 percent to buying them. The benefits of a “rent to own” home are enormous.
Think about it, what if you were able to pick an area that you would like to live in but may not be able to afford right now or just no ready to make that big purchase. With the Rent to Own process, you can get into that house without the 30 year commitment. You can even have a portion of the rent credited to the sales price or closing costs, that’s instance equity at closing for you.
Just remember, you will need to get the seller to agree on not only the rent to own agreement, but the terms of the agreement. i. e., length of the agreement, usually, one to two years; the percentage of the rent which gets applied to the sales price or closing costs, etc. If you get lucky, the seller may also be interested in doing Seller Financing with you. Just be sure to have a lawyer review any agreement before you sign it. A little legal cost upfront could save you thousands of dollars down the road.
Want to Learn more about Renting To Own A Home? Click here to visit our website.
D I S C L A I M E R S + D I S C L O S U R E S
This content is for education and entertainment purposes only. Ric Bender does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal. This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you.