What Is The Purpose of Rent-To-Own?
Are you thinking about buying a home, but aren't ready to make the financial commitment yet? Maybe your credit rating isn't quite where you want it to be, or perhaps you don't have the savings to provide a down payment. If either of these situations apply to you, we may have great solution for you: renting to own. What Is The Purpose Of Rent-T o-Own? A rent-to-own agreement is similar to a car lease. Buyers agree to rent a home from the seller for a specified amount of time (generally one to three years). At the end of their lease, the buyers will have the opportunity to buy the home or walk away from the arrangement. Typically, the agreement requires that the buyers pay a little bit more in monthly rent than a regular renter would pay, but that extra money is put towards the purchase of the home at the end of the lease. If the buyer chooses to back out of the agreement and not purchase the home at the end of the lease, the sellers will get to keep the extra mon