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Rent to Own Home

Posted last May 29, 2011, 3:05 am in Real Estate report article

Recently in Portland there have been three rent to own homes available but people may be wary what rent to own actually is and whether it's legal. Rent to own is actually completely legal although some solicitors and conveyancers may not be familiar with it, it's becoming more popular in big cities.

Why do people like rent to own?

Most renters pay dead rent - that is the rent goes to pay the landlords mortgage and they don't see any benefit. When you have a rent to own agreement part of the rent comes off the property evry time you pay rent so you are begining to own the house every time you pay rent. 

When buying a house most financial institutions will require you to provide 10 - 20% of the value of the property as an deposit. With most rent to own properties the up front money is much less than that and you don't have to qualify like you would with a bank.

The landlord can't sell the house from under you since you have a legal right to purchase the house.

You can decorate as you see fit and the landlord can't say a thing since you are a home owner and not simply a tenant.  

So what's the downside to rent to own?

Like with renting you have to pay your rent when it's due or you could be asked to leave and then you would lose any money you had invested in your home. 

The rent tends to be more than for a normal rental because you are buying it at the same time as renting. 

In short give a rent to own advert a call to find out all the details and see if the deal is something that would benefit you.