Rent to own is different than a lease option, which gives you the option to buy a place you were renting before it goes on the market, but there’s no obligation to do so. When you rent to own you usually make a deposit, which can also be called "option money," and the contract stipulates your obligation to buy.
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How to Rent-To-Own a Home and Determining if This Option is For You. If you’re in the market for a real estate purchase but aren’t quite ready to make the full commitment to a mortgage, then you may want to consider how you can rent-to-own a home.
Nevertheless, a rent-to-own contract should always include the length of the rent-to-own lease agreement (usually anywhere from 12 to 70 months), the amount of initial option fee (usually 35 percent of final purchase price), the final purchase price at the end of the term, and the amount of the monthly payments that will go toward the purchase price.
Rent to own tends to attract first-time homebuyers, who have less experience in buying homes, and, unfortunately, because of this, there are many rent to own scam artists hoping to trap naive rent to owners.
Rent-to-own housing can be tricky because the landlord might decide the potential homeowner is responsible for repairs and property taxes during the lease period, said Rich Verrillo, a senior.
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mortgage refi interest rates Refinancing a mortgage makes sense if you can get a lower interest rate than your current mortgage to lower your payments, or to shorten your loan term and cut interest payments significantly.
· Rent to own housing is the answer! Rent That Pays You Back. GetRentToOwn.com was created to help bring renters and sellers together. As the leader in the rent to buy real estate industry, GetRentToOwn provides nationwide listings of homes for rent to own.
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For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house.