Here’s how it works – When you find a home that you love and are willing to buy, you negotiate a lease with the homeowner. In the lease, you agree to pay a higher than usual rent for a certain period of time, usually a year or two. The excess rent that you’re paying will be credited toward a downpayment. The lease also will stipulate the purchase price of the home that you agree to pay after the lease is us. After the rental period, you’ll buy the house at the price you agreed upon with the downpayment you’ve accumulated.
This may be a great option for you if you’ve found the perfect home but aren’t quite ready to buy it – maybe you don’t have the downpayment, or maybe you want to improve your credit so that you can get a better rate on your mortgage.
If you do decide to rent-to-own, be sure to have an attorney review your contract so that you’re protected in all situations.
Interested in a rent-to-own home? Here are the current listings in Union County.