How To Find Rent To Own Homes
Owning a home is a big part of the American dream, and many people chase it all their life. Unfortunately, buying a home outright isn’t cheap with most modest homes costing at least $150,000 and above.
Most families end up renting homes or taking out a mortgage because they can’t afford to pay off the entire money for the house at a go. However, there is another option, and it’s called rent to own.
The rent to own option is not very popular, but it does work for people without much money to pay for a home.
What Is Rent to Own?
Rent to Own is an agreement where the prospective buyer leases a house for some years with the option to purchase at the end.
Rent to own is different because most rent to own home leasing contracts stipulate that a particular amount of the rent would be taken off the total cost of the home.
For example, the home costs $250,000, and the rent per month is $1500, 30% of the rent, which amounts to $450, is set aside to be paid forward. If the lease is for two years, $5,400 would be deducted from the total cost of the house.
How to Find Rent to Own Homes?
Using rent to own homes is not yet a popular choice for many people and so finding one might be a bit difficult for you. Here are four places to check for rent to own homes.
1.Check the Real Estate Rental Listings
Rental listings are a great place to start your search from. If the property is available on a rent to own basis, it’ll be clearly stated in the real estate ads.
There aren’t many things that you cannot find on Craigslist. A thorough search might turn up real estate listings of properties that are open for a rent to own contract. To narrow down your search and filter results, you should use certain keywords such as “lease to own” and “rent to own”.
3.Talk To The Real Estate Agents Around You
You have a great chance of finding properties that are available on a rent to own basis if you ask one or two real estate agents to be on the lookout for you. Who else would know what the property might be rent to own if not a real estate agent?
4.Check Websites on Rent to Own Homes
The Internet has made searching for things a lot easier. With an eye for thorough research, there is almost nothing you can’t find on the Internet today. Check websites that specialize in rent to own homes; you might find information on a couple of rent to own properties that are available in your area.
Rent to Own homes might not be so popular, but they make a living the American dream a lot easier. People who sign the rent to own lease contracts end up paying a little less for the home in the long run.