Lease Options for Rent to Own Homes
Though there are any numbers of homes to rent, rent to own homes are not easy to find. Rent to own homes are also known as lease to buy homes or lease with the opportunity to purchase homes. Though all these names are used for rent to own homes, the set up is basically the same.
The concept of rent to own homes provides the renter the chance to purchase the house when the time of rent is up. Generally, the amount paid as rent will be subtracted when the occupant of the house buys the house. The deal will be settled after negotiations according to the market figures. However, the aspects are flexible and are based on the situation of the time. In certain cases the price is decided after negotiation even prior to the moving in of the renter. In each case the features vary.
Buyers get a lot of flexibility in rent to own home situations. Generally, renters rent them to get a hold at their credit. At other times individuals move in with the hope of buying the home which they like, at the end of the rental time. This gives the chance to renters to actually move in to a house they like with their possessions and live in it till the fixed time. They get enough time to really know how living in that particular house is, before they take the final decision of actually purchasing the home. As you can see the renter is at great advantage in the situation.
However, for sellers the situation might not turn out to be favorable always. Since the buyers have so much flexibility and advantage the sellers might lose control over the situation. There is no surety if the buyer will purchase the home at the end of the rent period. If he doesn’t, the seller would be at a sticky position. He might have lost prospective buyers in the course of the rental time.
According to the contract, some sellers get to keep the rent they got even if the buyer does not purchase the house in the end. Sellers consider the rent as profit for their otherwise vacant house. Still the chance stands that in real estate the seller would have had the chance to sell his house for a greater profit. However, the gain and loss depends on the way the seller takes a deal.
Real estate agents are not much interested in finding houses for rent to own purpose. If you are looking for one, it is wise to inform your agent beforehand about your intention. If he is not interested both parties need not waste time. There are many things that require serious consideration when you rent or lease a rent to own home.