Great Reasons Why You Should Rent To Buy
Are you tired of paying expensive rent month after month
? When you are just starting out in your business or career, it is normal to rent a place to stay. But it would not be a smart decision to keep renting for the rest of your life. Why? Because as years go by, real estate prices will rise and by the time you retire and finally have enough money to buy a house, the price would be sky-high already.But the sad truth is that not everyone can afford to buy a house upfront. It could be that the budget is simply not enough or perhaps you do not have a good credit rating and thus cannot get a mortgage for a home. This is true for many people nowadays; buying a home seems almost impossible for a percentage of households, especially now that the global economy is still recovering from the crisis that has hit us in the last couple of years.
The good news is that there is a perfect solution - rent to buy. This is another term for rent to own (RTO), wherein you will be given a rental lease along with a purchase agreement. Just like in a regular rental lease, you will need to pay a fixed amount every month, and the only difference is that after a specified period has lapsed and you have diligently paid your monthly dues, you can then purchase the property at the price stated in the purchase agreement.
Here are some of the benefits of availing rent to buy properties:
1. Excellent investment: Real estate will always be a great investment option because it appreciates, and not the other way around. But it is necessary to choose the property well and make sure that it has the potential to increase its value over the years.
2. Affordable: Home mortgages are expensive because you have to pay high monthly interest rates. With rent to own properties, you will still pay monthly dues but these will not be as high as a regular mortgage.
3. Very minimal cash-out: Typically, with a home purchase, you would need to shell out large sums of money for equity. However, when you take advantage of rent to own, you will only need to prepare a minimal amount for down payment or option fee.
4. Easy to avail: Even if you do not have a very good credit rating, you are still eligible to take advantage of it because there are no restrictions on qualifications. The owner of the property has the sole discretion to approve you or not.
5. Credits: Option fees and rental credits can lower down the price of the property. You are usually given six to twenty four months to build your credit, and after which, you are then deemed ready to buy the property, at a price less the credits.
Today, the idea of rent to buy has become more popular than ever because less and less people can afford purchasing a home. Plus, they are so worried about the economic instability that they would rather not spend money to purchase a house, but instead, avail safer, low-risk investments such as this one.
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