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“If you’re renting, you’re just throwing your money away.” No doubt you’ve heard this oversimplification many places. Of course, a decision about whether to rent or buy a home is rarely that black and white: Either can make sense depending on your situation. What if there was a way to combine the pros of both? Some say a rent-to-own deal is that happy medium. When you rent to own, part of your rent goes toward purchasing the home you’re renting at some later date. So instead of evaporating into thin air, your rent is actually laying a foundation for your future — literally.
Sounds great, but as with any major financial decision, there are pros and cons to rent-to-own deals. We’ll discuss the basics of rent to own, its benefits and drawbacks, and a few alternatives below so you can make an informed decision on whether it’s right for you. The process starts, of course, with a contract. Actually, in this case, it starts with two: a rental agreement and an option to purchase. Lease option homes available in Las Vegas call us 866-591-8124.
Your rental agreement will look much like a standard lease. It will specify your rent (more on this in a minute) and the term — in most cases, it will be two or three years. There will be several standard terms and conditions you’ll need to meet: For instance, no smoking in the house, no pets, occupancy limits, and general conduct requirements. Violate these terms, and just like any tenant, you can be kicked out. However, this time, you also risk losing any money you’ve paid toward the home’s eventual purchase.
One big thing that may be different in this lease agreement: You, the tenant, may be responsible for maintenance costs and general upkeep of the home instead of the landlord. The logic here is that you’ll be motivated to keep the house in top shape if it will be yours in a few years. However, the landlord would still be on the hook for any repairs so major that the home would be uninhabitable without them.
The lease option gives you dibs to purchase the home you’re renting, typically valid for a term equal to the lease term set forth in your rental agreement. So if the rental agreement specified a three-year lease term, the lease option will usually give you three years to buy the house without worrying about anyone else swooping in and snatching it out from under you. To maintain first dibs, you’ll pay an option fee. The amount can vary widely: According to Zillow, anywhere from 2% to 7.5% of the home’s purchase price is typical. This option fee is then credited toward the home’s purchase at the end of your term. However, if you decide not to buy, you’ll lose the money. Make sure you’re signing a lease option, and not a lease purchase. Sometimes these terms are used interchangeably, but a lease option gives you just that — the option to buy the home. A lease purchase obligates you to buy the home and means the seller can take legal action if you try to back out. Rent to Own 89120 contact 866-591-8124.
Rent-to-own can be worth looking into for would-be buyers who simply can’t wrangle a mortgage the traditional way. Typically, that’s because you either lack enough cash for a down payment or your credit score isn’t strong enough to be approved for a mortgage (or both). With a rent-to-own agreement, you get more time to boost your credit and save up, all while getting a head start on building some equity.
You may also benefit from a rent-to-own agreement if you are reasonably sure you want to stay in the house and neighborhood long-term, but still want to “try it out” while maintaining an escape route (albeit a pricey one). If you can lock in a purchase price before the home’s value rises, you may be able to save in the long run, too. You’ve probably heard the term “rent-to-own” used with consumer products like furniture or cars, but it can apply to homes, too. If you’re a renter and have your sights set on buying a house down the road, a rent-to-own agreement is one path to get there. Lease purchase homes in Las Vegas 89120 contact 866-591-8124.
What is ‘rent-to-own’? Rent-to-own, otherwise known as a lease purchase, is a legal contract between a buyer (you) and a seller to purchase a house with a future closing date, usually one to three years after the contract is signed. This is different from a lease option, where you’re given the choice to buy the place you were renting — before the home goes on the market — but are under no contractual obligation to do so. In a rent-to-own agreement, you will pay a deposit fee (usually around $5,000) plus rent and “rent premiums.” Your rent payments will go toward the seller’s mortgage, and the premium payments eventually become your down payment when it’s time to buy the home from the seller.
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