It’s a seller’s market all across the country and as a result home prices are rising, and competition is increasing. This makes it more difficult to buy a home, especially in areas where prices are already overly-inflated. The combination of needing to have a large down payment and a great credit score in order to compete for a home is locking out many would-be homeowners from the real estate market.
Many individuals learn about the rent-to-own home market after discovering the purchase of real estate is beyond their current means. Rent-to-own homes allow would-be buyers to get a home without the heavy competition, large initial investment, or perfect credit that many need. However, it can be true that many rent-to-own opportunities work in the seller’s favor. This happens when renters are unprepared, or uneducated about the process of leasing to own a property, and unfortunately, get taken advantage of. If you are ready to learn about the rent-to-own real estate process, and do your due diligence when searching for homes and reviewing contracts, rent-to-own homes can work in your favor and be an incredibly smart decision. The key difference between a rent-to-own home being a good idea or a bad idea comes down to educating yourself, which is a fact of life for all financial dealings whether buying or renting. (more…)