Rent to Own Homes Michigan
Buy with bad credit: Buyers who cannot qualify for a home loan can start buying a house with a rent to own agreement. Over time, they can work on rebuilding their credit scores, and they may be able to get a loan once it’s finally time to buy the house.
Lock in a purchase price: In markets with increasing home prices, buyers can get an agreement to buy at today’s price (but the purchase will take place several years in the future). Buyers have the option to back out if home prices fall, although whether or not it makes sense financially will depend on how much they have paid under the agreement.
Test drive: Buyers can live in a home before committing to buy the property. As a result, they can learn about issues with the house, nightmare neighbors, and the other problems before it’s too late.
Move less: Buyers who are committed to a home and neighborhood (but unable to buy) can get into a house that they’ll eventually buy. This reduces the cost and inconvenience of moving after a few years.