Rent to own homes are available nationwide!
There are literally thousands of rent to own homes available nationwide. The challenge is always in locating them as there is no central place to look for these homes. That is why we provided this service, a place to find rent to own homes based on putting buyers and sellers together. We have hundreds of sellers nationwide offering rent to own homes, and we are adding to our list daily.
Rent to own homes as a way of buying real estate
One of the biggest advantages of buying a rent to own home is the fact that you can live in the home you want right now, even if you can't or don't want to buy it right away. You don't have to go rent a house or an apartment first while you work on your credit, and then buy a home later. By renting first, although you have time to fix your credit, home prices are going up and you lose time.
The advantage you have by doing a rent to own home and moving in right away vs renting first, is that you typically get a rent credit. If you rent, that money is lost forever. You don't get a tax break on it, it does not get saved and it does not apply to the price. Rent to own Sellers will typically extend a rent credit to you. This kind of 'save while you rent' strategy is only available on rent to own homes.
What is a rent credit?
Rent credit is where the rent to own Seller sets aside a certain percentage or dollar amount of the monthly rent you are paying, and applies it to the purchase price or down payment. In return for this rent credit, they want you to pay your rent on the first of the month. Now your rent money is not completely lost, you are having a portion of your rent applied to the sales price or the down payment to help you qualify for a loan later.
Don't forget that your down payment for the rent to own home is applied to the purchase price or down payment as well. By accruing rent credits, you are buying the price of the house down. If you were renting, all your rent money is lost forever. Additionally, since you are planning to buy the home, the Seller will be more open to allow you to make changes to the property while you are renting.
Who owns rent to own homes?
Selling rent to own homes is a real estate investing strategy. Therefore most of the rent to own homes you come across will be owned by real estate investors. They understand creative financing, and are typically in the business of assisting folks get into homes. They typically understand your situation, and are more than willing to work with you on helping you qualify to buy the rent to own home.
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