Rent to Own Homes in Williams
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
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.