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How Does Rent-to-Own Housing Work?

How Does Rent-to-Own Housing Work?

You may need time to save money for a home purchase or to improve your credit worthiness. A rent-to-own home may provide built-in advantageous that uses your deposit and portions of your rent toward your closing costs. Along the way, you can save money for the purchase of the home that you are renting. You can also build your rental history and make credit improvements. Some rent-to-own homes may reflect a lease with the option to purchase.

Opportunity

    Several methods are typically used to promote homes that feature rent-to-own opportunities. Window signs and yard signs may be displayed on the property. Rent-to-own opportunities may be in the real estate section of local newspapers or online. You can obtain help from local real estate agents to locate rent-to-own opportunities.

Agreement

    Rent-to-own agreements involve two or more individuals who agree to written terms. The monthly rental amount, as well as the duration of the rent-to-own period, should be reflected in the agreement. The selling price of the home and any rental incentives should also be included in the agreement. For instance, some home sellers will credit a portion of each month's rent toward the buyer's closing costs. You should not rely on verbal promises; ensure that all agreements are documented in writing.

Deposit

    Most homeowners will require a deposit before you can occupy the property. The amount of the deposit requirement can vary, based on the owner's personal preferences, your credit strength or your rental references. You may need to pay your first and last month's rental payment, as well as a lump-sum deposit or a deposit that equals your rental amount. Typically, rent-to-own agreements will include provisions for applying your deposit and part of the rent toward your closing costs. Some rent-to-own terms might indicate that you forfeit your deposit or rental credits if you change your mind about buying the house.

Decision

    Near the end of your rent-to-own term, you must decide whether you will buy the home, move or renegotiate with the homeowner. If you decide to buy the home, you need to procure a mortgage loan to finance the purchase. About 90 days before your rent-to-own agreement ends, you should contact several banks, credit unions and mortgage companies to shop for an affordable home loan.


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