Renting to own a house in San Antonio, or pretty much any city for that matter, isn’t an entirely new concept… but the whole process of “renting to own a house” is a process that many people have questions about.
Well, if that’s you, you’ve come to the right place!
3 Things To Look For When Renting To Own A Home In San Antonio Texas
1. Find The House You Want To Live In Long-Term… Not Just Rent
Many people who are deciding whether they should just rent or “rent to own” look at the whole rent to own / lease option process incorrectly. Don’t look at it like you’re searching for a house to rent for a short period of time. Of course, you should try to find a house that is one you’d love to live in for a longer period of time (no less than 5 years).
Because with rental houses, you know it’s just a temporary thing… so you’re willing to settle for a house that is less than ideal.
But since you’re really looking to get a house for you to live in for many years with a rent to own… it should be one that you can see your family in for a long time.
Sure, you’re renting a “rent to own” house… but you should choose a house that you’d be glad to live in for many years to come just in case you do decide to exercise the purchase option at the end of the lease term.
2. Terms That Fit Your Goals And Needs As A San Antonio Home Seeker
Not all rent to own houses in San Antonio have the same contract that comes with them. So make sure you find out what the terms of the rental agreement and the terms of the purchase option are, as well. Usually, the monthly rent tends to be a little higher with a rent to own agreement than a normal rental agreement… because you’re basically paying a premium for the ability to possibly purchase that house at a pre-determined price in the near future. There’s a lot of value in that.
But with rent to own agreements, you should also have some flexibility to protect yourself. Make sure there are no additional fees in the event you don’t exercise the purchase option at the end of the agreement.
Also, clarify with the owner of the house on who will pay for things during the rental term like…
- Lawn care
- Upgrades inside the house (new appliances, paint, etc.)
Be sure to get it all in writing as to who’s in charge of these kinds of things during the rental term.
3. The Value Of The Home – Is The Value Going Up?
One of the major benefits of a San Antonio rent to own home is the ability to lock in a home at a pre-determined price well in advance of you having to purchase it.
With a rent to own house contract, you agree on a monthly rental rate… a term of that rental (usually 12-24 months)… and a purchase price at a future date.
Because of this advantage, the purchase price doesn’t usually come at a discount… but, if you buy in the right San Antonio Texas neighborhood (one that is increasing in value)… you could be earning instant equity if you decide to exercise your option to purchase the home at the end of your rental term.
See Our Current San Antonio Rent
To Own Homes Below!
If you still have any questions about the rent to own process just call us anytime at (210) 807-6567.
And if you want to be put on our local San Antonio Rent To Own Home List click, the link below to see if there’s anything currently available that meets your criteria.