Rent to own homes can be a good option if you cannot afford to take out a loan for the purchase price of a home. The rent you pay to your landlord goes toward the purchase price and once you have fulfilled terms of the contract you have entered into, the house is yours. Some landlords will even give you a break on the purchase price if you make your payments on time. Depending on your financial situation, rent to own can enable you to become a home owner without the hassle of dealing with a mortgage.
Searching For Rent To Own Homes
Finding homes to rent to own is not a hard prospect. You can start your search right here, just click the button “Browse Rent To Own Homes“. Depending on the area you live in there could be several properties that offer this option or just a few. Besides the obvious choice of consulting a real estate agent, the internet can be a goldmine of information. Spending some time researching the resources available can mean the difference between finding your dream home and having to settle for a home that is below your expectations.
Using a Real Estate Agent
If you are interested in entering into a rent to own contract, your first choice may be a local real estate agent. A real estate agent can help you to sift through the many choices available and help you to decide which features of a house are important to you. Do you need more than one bathroom, is a yard a necessity for your family, are you looking for a home that has several bedrooms or do you need a home with a garage? Another consideration may be the choice between a townhouse, attached or semi-attached property or a single family home. If you are new to an area your real estate agent can apprise you of the safety and accessibility the location and neighborhood. An agent can look through his listings and find a home that you can afford and one that meets your wish list.
Real Estate Agent Commission
Of course using a real estate agent means you will pay a commission for their services. This commission may vary from state to state, so be sure you know up front what they charge. One of the services that is included in an agent’s commission is help with the closing procedures and rent to own contract. Since it is your agent’s best interest to be sure that you are treated fairly, he can be an asset to you when it comes time to put your name on the dotted line at purchase time.
Going It On Your Own
While using a real estate agent is a good option, you can opt to find a rent to own property on your own. Classified ads are a good start to get a feel for what is available in your area, but many times they are limited to a specific geographic location. The internet has several sites that you can use to search for properties. You can even post a listing of the type of property you are looking for on some sites so that when landlords list their properties they can pull up a list of people who meet their property’s descriptions.
A simple Google search will pull up sites that list rent to own homes such as this one. Compare the features of each and find the site that you are most comfortable with. Most sites require that you register and some charge a monthly fee. After you register you are able to tailor your search to the area you want, the type of home you desire and the monthly rental you can afford. Once you find properties that you want to look at you can contact the landlord and start the process of setting up a contract.
When you decide that a property is the one you want it is advisable to have a home inspection just as if you were buying the home outright. This will call attention to any defects or expensive repairs the home may need. These can be either fixed by the landlord or you can negotiate for a lower price if you do the repairs yourself. Another important person to include in the rent to own process is a lawyer. You need someone to represent you and make sure that you are protected. A lawyer can save you money and heartache down the road by examining the contract and making sure it is legal and binding.
Finding a rent to own property can be a rewarding and exciting experience. There are a few points to be aware of to make sure that you find the right home and a contract that you can afford. With some research and knowledge, you can find the home of your dreams.