Why not Rent a House to Own?
With home ownership just out or reach for millions of Americans, the ability to rent a house to own has been an amazing asset to those who have longed for home ownership but to only have the opportunity stripped away by poor credit or lack of a down payment. However, many people don’t know about rent to own properties, and that lack of knowledge is costing them the opportunity for home ownership.
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Unfortunately, even some people that know about the ability to rent a house to own steer clear of the idea because they think that the concept itself is a scam or illegal in some way. Nothing could be further from the truth. As with any business dealing, there is the possibility of being cheated. However, the fundamental idea and concept of rent to own is neither illegal in any way, nor do the majority of people who rent to own get scammed or conned.
Other people see the idea as a substandard way of achieving home ownership. This idea is also flawed, as the end result of renting a house to own is no different than traditional home ownership. At the end of the lease the renter must still secure a traditional mortgage to purchase the home. However, the purchase of the property is made easier through the use of credits that are added to the rent payment (as well as the upfront option payment) to create a sizeable down payment for the purchase.
That begs the real question: Why not rent a house to own? While the idea of doing things differently challenges some people, rent to own agreements aren’t illegal or scams, and this is just a valid way to home ownership as a traditional home mortgage. If you are having trouble getting a home of your own, try to rent a house to own.
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