If you wish to buy a house now, but have something that’s holding you back, a rent to own situation could be the solution for you! Rent to own does not always receive the best rap, but when set up correctly, it can provide you with huge advantages! In our most recent article, we will provide you with 6 reasons why you should rent to own your home in San Antonio!
Many people think that if they want to buy a house, they will first have to save up a small fortune and make sure their credit looks perfect. While these things are equally beneficial for prospective homeowners, there is a way you can locate, secure and lock down the home you want now, even if you aren’t quite ready on paper. Here we provide many reasons why a rent to own your home agreement can help you when purchasing your house in San Antonio!
#1 – Time To Save Up
When you agree to purchase via a rent to own contract, you’ll have enough time to save up as much as possible. You will know exactly when the purchase will become official. Giving you lots of time to prepare. You’ll be residing in the home already, it is going to feel like home, and you won’t feel as if you are simply throwing your money away on rent every month.
#2 – A Chance To “Try Before You Buy”
Imagine being able to reside at the house for 2 years before committing to buy it? When you decide to rent to own, that opportunity could present itself! What if something goes wrong with the home? You will need to be sure that there is not a penalty for changing your mind about purchasing. If needed, include disclosures to protect yourself in case of detected damage or other conditions.
#3 – You’ll Have Time To Fix Your Credit
Having to rebuild your credit can be intimidating, but with a good plan of attack, a lot can be accomplished in just a couple of years. With a little work and some proper budgeting, you’ll have the ability to raise your credit score, allowing you to be eligible for financing. You might be surprised by how quickly your credit rating will jump with only a couple of small changes.
#4 – Lock In Today’s Price
When you sign an agreement with a seller the purchase price will often be agreed to upfront. This means that regardless of what occurs with the current market, the previously agreed-upon price is what goes. While home values can always fall, it is more likely the house will be worth more in a couple of years, ultimately allowing you to buy below market value.
#5 – Build Equity While You Rent
Even though your rent may be higher in a rent to own agreement, contracts are typically written so that a part of your rent will go toward the down payment on the house when it’s time to buy outright. Remember that if you default on the agreement, the owner may be entitled to keep all of the rent paid along with the deposit and option. Entering into a rent to own your home agreement should only be done if you’re 100% confident you’ll be able to hold up your end of the deal.
#6 – Confidence Boost
Owning a home can do wonders for your self-confidence. Perhaps it has been a goal of yours for a while but has always felt somewhat out of reach. With a rent to own agreement, you’ll be able to reach your goals quicker than you think! You will be able to take pride in knowing that you’re well on your way to owning a home of your own.