Let's say you're living in the home for 3 years before deciding to purchase it. The purchase price is $300,000. Your monthly rent is $1,650, and $300 of that goes toward the down payment. By the time the lease expires and you're prepared to purchase the house, you've already given a $10,800 down payment over three years. That's nearly 4% of the original purchase price, knocking it down to $289,200.
Think about it, what if you were able to pick an area that you would like to live in but may not be able to afford right now or just no ready to make that big purchase. With the Rent to Own process, you can get into that house without the 30 year commitment. You can even have a portion of the rent credited to the sales price or closing costs, that’s instance equity at closing for you.
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While rent-to-own transactions are most commonly conducted for purchasing consumer goods at a retail store, this term also describes a specialized real estate agreement. The rent-to-own housing option is typically exercised more often during housing market downturns, such as the late 2000s (decade) financial crisis. Because the most recent housing market downturn was accompanied by protective regulatory scrutiny of lending practices and consumer credit agencies, acquiring a loan has become more difficult for Subprime borrowers. Some have opined that residential home rental may become the new normal, whereas proponents of rent-to-own real estate agreements argue otherwise.
Watch out for lease-purchase contracts. With these, you could be legally obligated to buy the home at the end of the lease – whether you can afford to or not. To have the option to buy without the obligation, it needs to be a lease-option contract. Because legalese can be challenging to decipher, it’s always a good idea to review the contract with a qualified real estate attorney before signing anything, so you know your rights and exactly what you’re getting into.
Making your lease payments on time can help improve your credit. Just make sure your landlord/seller reports your rental payment data to the major credit reporting agencies. There are many other things you can do to improve your credit score while you’re in the rental period of your lease agreement. Start by requesting your free credit report. Federal law entitles you to one free credit report once a year from AnnualCreditReport.com, a website set up by the three major credit bureaus.
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Reasons to enter into a lease option include the better use of a buyer's time and money by allowing a renter the time to secure financing, save money, reduce debt and acquire financing. Additionally, since the purchase option price of the home is usually fixed when the lease is signed, another plus in an up market can be when home values increase over the term of the lease while the fixed option price remains constant, a buyer/renter can actually be earning equity while renting. Done properly, a lease option can be quite a good deal for a buyer. On the down side, if the value of the property decreases over the term of the lease the buyer has lost nothing since he can simply walk away at the end of the lease term.
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The specifics of the contract will differ, but the general idea is that the prospective tenant/buyer will sign a contract to rent the home with an option for them to purchase the house at the end of the lease. The time period where they can live in the house before a lease expires is often between 1-5 years, and when they buy the house, a portion of the rent payments during the lease goes toward putting down a down payment. Ideally, this takes a sizable chunk out of the purchase price.
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Personally, I feel that they are an exceptionally bad deal for the "buyer", and should be avoided at all cost. Unfortunately, they target people who have bad credit and no options to purchase a home through conventional means. People in this situation are often in love with the idea of owning their own home, and out of desperation get involved in these "deals"
Events out of your control could cause you to lose your equity. If the landlord’s financial situation changes and the house goes into foreclosure, that house goes to the bank—not to you. Or, if the seller just up and changes their mind after they’ve signed a rent-to-own contract, it would take expensive legal action to enforce the contract in that scenario. That’s a cost you may not be able (or willing) to pay.
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In April of 2000 the FTC released the results to a survey of 12,000 randomly selected U.S. rent to own customers. This survey represents people who purchased any type of product rent to own industry. Most of the purchases were for home electronics, furniture & appliances. While the purchase prices are far smaller than the cost of a home, many of the concerns are similar to those who are renting a home.
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Your contract may state that you, as the buyer, have to pay for repairs, homeowner fees, property taxes, and insurance while renting. Other contracts will stipulate that the current owner (the seller) covers these costs. It’s important that your contract clearly state who will cover repairs, because you might get stuck fixing a water leak on a home that isn’t legally yours yet. You should still have renter’s insurance to cover any issues in the interim.
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Many people who want to purchase their own homes might not have the money on hand for a 20% down payment or money to cover the miscellaneous fees that come with buying a home. An RTO contract gives them a period to save up for a downpayment, and a portion of their rent money will also go toward their down payment or earnest money once the contract is up. This can act as a cushion, and they won't have to worry about paying such a high down payment amount.
A lease-option contract is less rigid. In this arrangement, you can choose whether or not to purchase the home by the contract's end, and the landlord must honor it. This agreement gives you a choice to opt out of the purchase within the agreed-upon time frame, offering a bit more wiggle room if you're uncertain you want to own the place. But even in this case, you might forfeit your deposit and equity, so it's important to be sure that rent-to-own is the direction you really want to take.
Those other people with financial constraints may decide to rent a home with the option to purchase it in the future. This process is known as rent-to-own, and while it's not the most common method used in the home-buying process, it remains an option for those in the market for a new home to consider. But what is it, why is it a smart move for some people, and why have others chosen to avoid getting rent-to-own homes?
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It’s critical to sign an agreement that is in your best short- and long-term interests. The rent-to-own option will cost more than a traditional home rental because there are other costs baked into the monthly amount. The good news is these “other costs” such as the initial option fee and monthly credit will go toward the final purchase price. Nevertheless, a rent-to-own contract should always include the length of the rent-to-own lease agreement (usually anywhere from 12 to 70 months), the amount of initial option fee (usually 35 percent of final purchase price), the final purchase price at the end of the term, and the amount of the monthly payments that will go toward the purchase price. These figures are all negotiable.