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Copyright © 2006 by
Bob Schwartz
San Diego
real estate broker
Certified
Residential Specialist
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Advantages of Renting to Own
There are several benefits in rent to own home options, the first time
real estate investors gain a lot of benefits from this alternative. If you
are someone who has a bad credit history and thereby do not meet the
criteria for a home loan, you can always opt for the rent to own home option
so that you do not have to go through a credit check.
Most of the buyers are now opting for the lease to own homes as their
preferred mode of purchasing properties. In this method of leasing to own
properties prospective buyers can rent homes and examine the real estate
before making the final decision about closing the deal.
The buyers planning to buy their first home in this process do not have to
worry about the huge down payments, as in this case they have to make a
smaller down payment and thereby enjoy more benefits.
Advantage of the buyers: the buyers nowadays prefer to go for the rent to
own homes because of certain added advantages given by this type of a
transaction. Firstly, this type of a transaction helps the buyer get a good
first hand experience regarding the house, because you know the price of the
house only when you start living in it. Minor problems that are not visible
from the outside, become more imminent when prospective buyers start
residing in the house, the problems might include leaking pipelines, paint
falling off etc.
Secondly, for the first time real estate investor, it is always a good idea
not to invest in a property with cash through an outright sale, rather it
will be a good idea to lease it first and then buy it.
Thirdly, people who have bad credit can buy their dream homes by this
process as they can fix their credits during the lease period and build up
equity. Besides, getting a rent to own home is almost the same as leasing to
own a car where the buyer leases the car to find out more about the car and
whether it meets his requirements or not, and finally he buys the car if it
fits the standards.
Benefits of the sellers: For the sellers the rent to own home facility
brings in more customers than the outright sales. There are lots of
homeowners who have listed their properties but there is a substantial lack
of prospective buyers in the cash buying market, most of the investors
nowadays prefer to buy houses through there rent to own homes.
Most of the sellers can benefit from the fact that most of the time, the
deal does not go through and they might end up with the whole rent amount to
their pleasure as the rent credit is considered non refundable. Besides this
lease to own home feature allows the sellers to derive the benefits of the
houses a bit more before actually selling it off to someone else.
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