For Example: "Tampa, FL", "33556"
If you’ve ever looked at the economic climate of today and found the thought of acquiring a house to be daunting, you are certainly not alone. After all, the economic transitions and shifts that have taken place over the last several years have resulted in a complex, challenging setup for the modern age, with people having to brave more and more hurdles in order to get the homes that they want. Of course, this does not stop people from braving that challenging climate, daunting or not – people need homes, and this is what leads them to face the challenges head-on and deal with the demands in order to make the biggest investment they will ever make.
Much of the challenge of acquiring a home comes from the financial considerations. While there are certainly things to worry about beyond and after having purchased the house, actually managing to build one’s finances to the level of being able to afford the house in the first place is a truly significant demand to begin with. As such, people have had to experiment with a variety of methods for gathering and managing the resources needed to acquire a house in this day and age. This may be why rent-to-own homes, or lease-to-own homes, have risen in popularity of late.
Renting to own straddles the traditional formats of renting and making down payments, blending them a bit to result in a uniquely flexible new way to acquire a home. Would-be homeowners everywhere have benefited from the way that this system has allowed them to both realistically build toward owning the home they want despite the financial challenges of today, and to enjoy actually having the home while they are paying for it.
This is accomplished through the unique arrangement specified in the very name of rent-to-own: buyers rent the property for an agreed-upon amount of time, putting money down as periodic rent. This ultimately culminates in the ownership of the property being transferred to the buyer after the agreed-upon period of time.
There are clear benefits to renting or leasing to own, and the risks are very limited. Even though you don't get to own a home immediately, it gives you time to rebuild your credit rating and plan for the future. Along with this, a potential homeowner has more time to repair or build up his credit rating, which could help him even more with gathering his financial resources.
Ultimately a lease option or rent-to-own contract is very fair to both buyer and seller, the buyer is expected to pay on time every time a deadline rolls around lest he forfeit the contract. This is a necessary evil, arguably; however, a more real risk for the buyer is that the factors that kept him from buying the house outright – job situation, financial readiness or lack thereof – might still be prevalent at the end of the contract period. Fortunately, both of these risks can be prepared for and dealt with.
Renting to own is an absolutely incredible invention. Despite poor credit, a history of bankruptcy, or a troubled financial past, you can still own your own home.
While renting-to-own, each rent payment goes towards paying off the house all while building your credit score. Why just throw away your money by handing it to the landlord when you can start renting to own today?