You've decided you want a rent to own home to call your own. Where do you find such a thing? Depending on where you are there may not be many "rent to own" ads in the paper or even online. So what should you do?
1. First realize that just because a home isn't advertised as rent to own doesn't mean the owner won't consider it.
2. These days a lot of home owners are struggling to sell and are open to a rent to own arrangement so don't be afraid to ask.
3. Grab your local paper or get online and start calling/emailing ads for homes you like.
4. Ask them flat out: "Would you consider doing a rent to own with me?" Many will say no, but some will say yes.
5. Get a good lawyer or title company to draw up a good rent to own argeement.
Why Consider Making your next home a Rent to Own Home?
* Many home owners don't realize that a rent to own arrangement is much different from a regular lease so they probably won't require a down payment.
* If you're in a high price market the rent to own payment will be less than a mortgage payment.
* Few home owners require a credit check before you rent to own from them.
* A rent to own home allows you to build equity before you even buy.
* Part of your rent to own payment goes toward your down payment.
* You can thoroughly check out the home and the neighborhood before committing to buy.
What are the Pitfalls of a Rent to Own Home?
a) If you don't buy the home you lose your rent to own credits.
b) If the price goes down you may not be able to qualify for a loan.
c) If the price goes up the home owner may fight to get the home back.
d) If you live in a state/province where laws favor the landlord you may not have as much protection as you would from a lender.
Although there are some potential risks a rent to own home is a great choice in these difficult times and by learning these basic priniciples you will be able to find a great new home to rent to own for you and your family in no time!
Are you paying rent and looking forward to the day your family can own your own home? Why wait?
Take a moment to see how we can help you own a new rent to own Ontario home this week. We look forward to helping your family become home owners in one of the cities or towns of this beautiful province.
If you know what you need take a moment to look through our inventory of rent to own Ontario homes.
Take a moment to see how we can help you own a new rent to own Ontario home this week. We look forward to helping your family become home owners in one of the cities or towns of this beautiful province.
If you know what you need take a moment to look through our inventory of rent to own Ontario homes.