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Lease to Own Your Next Home

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By : Roby Hicks    99 or more times read
Many of us rent because it is cheaper than purchasing a house. It also has fewer responsibilities. Although this is the case, many of us dream of owning a home. In fact, we would love to own the property that we are currently renting. Fortunately, there are lease to own homes.

The benefits:

There are several reasons why many prefer this set-up. This is because of the many advantages they can enjoy. One is the lack of credit requirement. In order to qualify for this type of home purchase, one does not need a perfect credit. In fact, many who have low scores and other credit issues turn to this form of home acquisition. What is important in this arrangement is that the leaser has the ability to pay the agreed amount.

Another benefit of the lease to own concept is that it gives the renter and potential owner enough time to do what needs to be done. This includes saving enough for the down payment. Twenty percent down payment is expensive. If you do not want to incur debts accumulating the equivalent amount, you can save for it. You are given a certain time to rent the property, after which, you will be given the opportunity to buy it. You can use the certain period to save the money you need for the down payment.

Aside from saving the needed amount for the down payment, you can also use the time to repair your credit. You will need at least two years to rebuild your credit, which is why it is a good thing to rent the property for a certain period first before purchasing it.

Another advantage is that the price for the property is agreed upfront. This means that you know the exact amount you will be paying and even if the property appreciates over time, you will still be paying the fixed amount.

Finding a rent to own home:

Finding the right rent to own home is essential, bear in mind that you will be purchasing it someday. This is why it is crucial that you find the house you will definitely want to live for a long time. Start by listing the things you would consider. Initially, it is best to consider the location. You need to find a home in a safe neighborhood. You should also think about the essentials for you when it comes to choosing a location. Do you need access to transportation, malls, stores, hospitals, schools and church?

Consider your budget too. It has to be within the range of the amount you can afford. Bear in mind that your ability to pay is most important in this type of arrangement. In addition to that, you have to think of your preferences. What type of home do you want to have? How many bedrooms and bathrooms do you need? Do you cook? If you do, you need to make sure that you love the kitchen.

Lease to own home offers a lot of benefits. However, you have to make sure that you consider essential factors before you choose a home to lease.
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