how does rent to own work for homes – rent to
own homes pros and cons
how does rent to own work for homes ?
In many rent to own programs, the company works with you to find a house you like and then they buy it outright.
As the owner of the home, the company leases it to you and serves as your landlord. That way, you can start living in your dream home right away, even if you cannot buy it yourself.
As a renter, you sign a traditional lease and pay monthly rent, just like you would when renting an apartment. But unlike your typical lease, you can opt to buy your home once you’re ready.
In some programs, the company will charge higher rent than the market rate. Then the additional cash is put towards an eventual home purchase.
However, if you decide you do not like the house or the neighborhood, you forfeit the additional amount you pay.
In other programs, none of your rent goes towards the purchase price. You simply live in the home and have the first right to buy the house.
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