It’s taking longer and longer for many people to feel comforting with buying a house. Buying a home is intimidating, and in an unstable job market, potentially dangerous. You shouldn’t commit to something without being completely ready, and that’s why choosing a rent to own option is something to consider.
1. How Does Rent To Own Work?
“Rent to own” is different from choosing a house that up for sale or long … term lease. Rent to own homes come with a specific contract that gives you the option, after a certain amount of time, to purchase the house before your lease expires. It doesn’t bind you into owning the home; you can just as easily choose to let your lease expire and move on to something else.
2. Rent To Own Homes Prepare You For Owning A House
Part of the appeal of rental homes is that they prepare those who haven’t owned homes for the responsibilities of being home owners. The great thing about rent to own homes is that once you’re read, you can exercise that option to own without moving to another house. The average apartment or rental lease time is anywhere from 12 to 18 months, which gives you plenty of time to decide.
3. A Rent To Own Home Can Get You Back On Your Feet
Lots of people find themselves struggling to get on their feet after financial trouble like job loss, or home loss. If you don’t want to rent and would prefer the option to own, a rent to own house can give you time to recuperate while presenting the chance for home ownership down the road.
4. Rent To Own Can Save You Money
The average homeowner spends 1% to 4% of their home’s value annually on maintenance and repair costs. While renting, this is a non … issue, and the money can be put towards anything from owning a home to saving up for school. If you decide not to buy the home you’re renting, that’s still money saved in the long … term, and you end up in a better financial position than if you had bought outright.
5. Rent To Own Is Good For Sellers Too
How fast your home sells depends on the market; a fast market can see your home sold in 30 days, while a slow market could yield a wait of nine months or longer. If you’re attempting to sell your home, allowing someone to rent the house with the option to buy gives them time to “fall in love” with it.
Though not without its risks, this method of home sale is valuable and full of opportunity!