Don’t Get Caught With a Home You Can’t Sell – Offer Rent To Own Terms
You’ve just bought the home of your dreams, signed the contract and packed the moving van and you’re all set, right? Not if you haven’t sold your current dwelling first. So you place it on the market and you wait. And wait. And wait. Buyers come along, but they don’t have enough cash saved up for a down payment, or their credit rating isn’t good enough. How will you ever sell this house?
For some, the rent-to-own home may be the best option. Likewise called a lease-to-own house, the process operates similar to a automobile lease: Renters pay a certain sum each month to live in the house, and at the end of a set point generally inside three years they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment on finally purchasing the home.
Both tenants and vendors want to be very clear about the contract they draw up before they agree to this arrangement. Renting to own has rewards and disadvantages for both parties. Sellers who have already purchased a new home will have relief from paying two mortgage payments at once, and in a slow housing market with many properties for sale, this may be their best option. Buyers who can’t yet afford a home may be able to obtain one more quickly.
Visit www.DIYRentToBuyHouses.com.au to read how Dallas & Kerrie Kelso can show anyone how to setup their own Rent To Own deal without involving the expensive Rent To Own Investor middleman.
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Tags: Amp, Automobile Lease, Buy House, Credit Rating, Current, Dreams, Dwelling, Housing Market, Investor, Kelso, Kerrie, Middleman, Mortgage Payments, Moving Van, Purchasing, Rent To Own Home, Renting, Rewards, Sell House
