Rent-to-own houses allow buyers to invest in their homes by paying a set amount
each month to live in the house. At the end of an agreed leasing period, the buyers
have the option to purchase the home.
No. Rent-to-own has actually been around for more than sixty years, but it is
becoming more and more popular. Since it is more difficult now to go through the
loops of obtaining a loan and purchasing a home right away, rent-to-own is a good second option.
Potential buyers included:People who want to improve their financial report over the lease period,
Renters who want to test a home, area or school district before committing to purchase and stay long-term
Renters who are trying to look toward home ownership instead of continuing to rent
When you rent-to-own, your deposit will go toward your down payment at the end of your
agreed period if you decide to purchase the home. Also, a portion of your rent will be credited
back to you at the time of the purchase. If instead you choose not to purchase the home at the
end of the period, you will not be credited back any money.
An option fee is not the same as a security deposit. The option fee is paid at the beginning of
the lease period and is what allows the renter to have an exclusive right at the end of the period
to decide whether or not they want to purchase the property.
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@laurakalbag I just moved in and I love my house!
@audreyped Wow that was easy. #renttoowning
@jp_great 4bdrm, w 2 bath. Nice!
@lindsey_keuhl Found the perfect house today! Signing tomorrow, moving in Thursday : )