Rent to own home can be attractive program to both buyers and sellers. There are many advantages and disadvantages of rent to own home contracts.
Have a opportunity to own dream home : Buyes can have a chance to become home owners even they are financially not ready. Generally it need time to make purchase a dream home. But this program allows you to live in your home before you decide on exercising the option to purchase.
Rent will be credited to the price of the home : In rent to own home program the rent payments will actually go toward an investment. So both buyers monthly rent and their entire down payment at closing will be credited to their purchase price at the time of house sale.
Flexibility : At the end of the lease term, the buyer can purchase the property or just walk away from the property.
Tax benefits : There is no need to pay property taxes up front, since the buyer purchase the home.
The ability to fix the purchase price : The property price can be fixed at the beginning of rent to own home agreement. So The property price is not negotiable after an agreement is signed by both the buyer and seller.
Learn the ins and outs of the property : The buyer can learn the ins and outs of the property while renting to own your home.
Rent-to-own Homes Benefits for Buyers :
Have a opportunity to own dream home : Buyes can have a chance to become home owners even they are financially not ready. Generally it need time to make purchase a dream home. But this program allows you to live in your home before you decide on exercising the option to purchase.
Rent will be credited to the price of the home : In rent to own home program the rent payments will actually go toward an investment. So both buyers monthly rent and their entire down payment at closing will be credited to their purchase price at the time of house sale.
Flexibility : At the end of the lease term, the buyer can purchase the property or just walk away from the property.
Tax benefits : There is no need to pay property taxes up front, since the buyer purchase the home.
The ability to fix the purchase price : The property price can be fixed at the beginning of rent to own home agreement. So The property price is not negotiable after an agreement is signed by both the buyer and seller.
Learn the ins and outs of the property : The buyer can learn the ins and outs of the property while renting to own your home.