Rent to Own Homes in Medford
Buying vs. Rent to Own Homes
Renting to own a home and buying a home both have the same end goal – you own the house you’re interested in. The difference between the two is your timeline. Buying a property is a great idea if you’re sure about the property and you have financing to purchase it today.
Lease-options are a good idea when you’re having doubts about the house or if you’re not financially ready to own the house you’re looking at. They’re a good option if you almost have a high enough credit score, a steady enough job history or a big enough down payment to qualify for financing on the home, but you need some more time to qualify. Rent to own gives you time to get your affairs in order, ability to try out a house and flexibility to close on the home when you’re ready – without having to wait for the end of a lease.
To be clear, if you can buy a house today, you should do it. If you’re looking at buying within the next three years, rent to own is a good way to start the process.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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