Rent to own is like a normal lease contract that allows both buyer and seller to make an agreement with the option to buy home at the end of the leases period. There are both benefits and risks in rent to own contracts. Learn more about it before purchasing a home with rent to own contract.
Price can be locked by signing rent to own contract. So do proper survey on home prices in market. To learn more about it ask real estate experts.
You need to pay option fee to the seller at the beginning of the contract. The option fee won't refunded if you don't buy the home at the end of the lease period. So think more about it.
Make sure the title to your home is clear. Check the property you want to buy is legally clear or not. Consult real estate attorneys, they can make the whole process easy.
Better to make all rental payments by check.
Pay Attention to Property Inspection. Find major issues and report list of issues with the property and make a deal with the seller before signing a rent to own contract.
You need to execute the option to buy home before the contract expires. So build up savings or improve credit
Some key tips for rent to own home Buyers :
Price can be locked by signing rent to own contract. So do proper survey on home prices in market. To learn more about it ask real estate experts.
You need to pay option fee to the seller at the beginning of the contract. The option fee won't refunded if you don't buy the home at the end of the lease period. So think more about it.
Make sure the title to your home is clear. Check the property you want to buy is legally clear or not. Consult real estate attorneys, they can make the whole process easy.
Better to make all rental payments by check.
Pay Attention to Property Inspection. Find major issues and report list of issues with the property and make a deal with the seller before signing a rent to own contract.
You need to execute the option to buy home before the contract expires. So build up savings or improve credit