How Do Rent-to-Own Programs Work?
Before making a purchase it’s always prudent to familiarize yourself with or learn more about other option to own your home. Consider all your personal options, here is another choice you can make. How Does Rent-to-Own Work Toward Homeownership?
When you pay rent to a home owner or property management company instead you can choose of putting the funds towards equity on a home of your own.
What types of rent-to-own programs are out there?
- Options-to Purchase or
- Lease Purchase
As you make monthly payments, accumulate rent credit, and then apply for a mortgage at the end of the term.
How Does Rent-to-Own Work Toward Homeownership?
If you are wondering how rent-to-own works
It can be a first step towards property ownership. It gives you time to prepare while you pay rent, improve your personal situation, stabilize finances, improve credit “test drive” a neighbourhood.
Are there other features of a rent-to-own program?
- Is the future purchase price of the house typically locked in?
- Or does the contract include the future appraised value?
- What’s the fee Tenants pay over and above the agreed?
- Can you make additional regular payments?
- Who is covering the cost of maintenance?
Rent-to-Own: How to Get Started?
Practical steps to get started.
- Assess, Research, Review, Consider, Prepare your options
Still Have Questions?
Call Stan van Woerkens for a planning session
