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Benefits of Rent to Own Homes

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Benefits of Rent to Own Homes

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It gives you time to build up down payment and good credit record
One of the reasons why people opt for the rent-to-own program is because they have bad credit or do not have enough down payment money. Part of the money you pay for rent goes towards the down payment.

The landlord is responsible for repairs during the rent-to-own contract period.
While the program is in effect, the renter will benefit in such a way that he or she will not be required to carry out repairs. In case of any damage that may be caused on the property during the period in which the lessee is paying rent. The lessor, who is the landlord will be responsible for paying for repairs. This makes the lessee benefit where he/she is able to save on cost of repairing the home.

People who resort to this program are those who are unable to secure traditional mortgages, after the period of time that the two will agree elapses and there are no defaulting cases recorded, the lessee will end up owning a home. The monthly installments are also structured in such a way that the lessee will easily afford. This makes it very easy for people with low income and “not so good” credit to own homes.

You can move into the house quickly:

Unlike a traditional mortgage loan application process, where there may be a delay in loan approval, underwriting and a host of other issues, the rent-to-own program allows you to move-in quickly once you’ve found the house that you love and have signed the agreement with the landlord.

You can profit from real estate appreciation:

The amount you’ll pay for the house at the end of the rent-to-own home contract is pre-determined and fixed at the beginning of the contract. So, if the property value appreciates during the duration of the contract, you still pay the pre-determined price, thereby benefiting from the appreciation.

You “try before buying” the property

This benefit however, is dependent on the nature of the contract between you and the landlord. Sometimes, the agreement allows you to walk away at the end of the contract, should you change your mind because of serious flaws with the house. This also allows you to test drive the neighborhood.

You have the flexibility to make improvement to the house

Even though, repairs and improvements are not usually a responsibility of the renter, in most cases, you are allowed to make improvements to the house ( since you’ll ultimately buy the house). And wise improvements made to the house, almost always adds to the value of the property.

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