Rent to own programs, for example, are one of the best pieces of advice I’ve got from my career in the real estate business is to consider all available options, as a buyer and also as a seller. This time, I’ll be speaking to those who want to become first-time homeowners as fast as possible, with the clear and most transparent methods I’ve learned throughout these years.
Now that you are up to this point, let me say that you are a brave person because considering buying a house takes time and effort, but you can be a 100 percent sure that it will pay off. Once you have picked the right place for you, re-evaluate which opportunities are available to use. If your case doesn’t apply for a good credit score or a down payment, you still have a solution, pay attention.
Rent to Own Programs That Cannot be Missed
Rent to own programs are a method that follow a non-traditional path to home ownership, it goes like this: You rent a home for a certain period of time with the compromise of buying it before the lease ends. By paying the seller an upfront fee that is about 4 to 10 percent of the final purchase price, you get an option consideration from the actual owner of the house.
Various experts recommend this step towards the final goal because of two strong reasons, the first is that you get to live in the house, allowing you to acknowledge every detail that comes with it. Second, you can get a lot of time for preparing yourself financially until the last day of the lease comes, to get guidance from professionals and to improve your credit score.
Before you open the doors to that commitment, you’ll need to read the contract carefully in order to avoid any wrongdoing, some contracts legally obligate the buyer to fulfill the promise, so it is important to read every word of it. Specify a purchase price with the owner, the national economy tends to change so find an arrangement where both parties can benefit from each other.
“Maybe the seller has had the house on the market for a while and the buyer might not be able to buy it today, but in time could”. Says Elizabeth Mendenhall, president of the National Association of Realtors. The time spent in this process can take 12 to 36 months, and it can be less with effective assistance.