Are Rent To Own Homes A Good Idea In 2022?

Is it better to live in rent to own homes, rent, or buy our homes outright? The answer, like many questions of this nature, depends on a lot of things. Everyone’s personal circumstances are different and the decision should always be made on those circumstances.

Owning a home is a goal that many renters aspire to, but there’s a couple of things that hold them back: – saving for a down payment – good credit score

How Do Rent To Own Homes Work?

- Contract - Rental Agreement - Rent-To-Own Home Maintenance - Lease Option/Purchase

How Much Rent Do Tenants Pay?

Everything in life is negotiable. That also applies to the rent to own homes option. Make sure you address this with the owner before signing any agreement.

Pros For Buyers

Those buyers that need help with one or both of the above conditions can take advantage of an extended period to build equity in the home, along with increasing their credit score.

Pros For Sellers

The seller also benefits with potentially more money in their pocket as typically, the rent to own homes option comes with a higher sales price.

Cons For Buyers

Another negative that a buyer could potentially face has to do with the home’s purchase price. To obtain a fair price and help prevent a significant drop in value, researching home prices and hiring a home inspector should be completed before signing an agreement.

Cons For Sellers

If the seller receives an offer for the home (full price or higher) during the lease period, then they’d have to refuse it as the tenant’s lease option gives them the first dibs to purchasing the home.

How To Find Rent-To-Own Homes

You can try searching on sites such as: – RentToOwnLabs – IRentToOwn – RealtyStore