Rent To Own -- Is It the Perfect Solution for You? | RealtyPin.com

NEW YORK, Jan. 22, 2013 /PRNewswire-iReach/ -- Ever since the housing bubble burst, at RealtyPin.com we've seen home sale prices go down and rent prices go up.  However, with all of the uncertainty in the housing market (not to mention all of the extra red tape to get a loan!), the rent vs. buy debate has never been louder. But there's a third option that most people don't think about – renting to own.


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What exactly does the process entail?

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It's certainly not as ideal as putting your house on the market, finding a buyer, closing the deal, and moving on.  However, in certain situations, it could be a real lifesaver. Think, for example, what would happen if you had to move for a new job – leaving your house behind to sit on the market for months on end.  There you'd be, living in a new city, paying to live somewhere else AND paying for your house that you couldn't sell.  It would be no different than flushing money down the drain every month!  And, for every month that your house sits un-sold, the lower your chances of getting anything even remotely close to the asking price.

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By doing a rent to own, you could get someone in the house right now.  The money they pay you would offset the money you'd have to spend on mortgage payments, homeowners' insurance, property taxes, homeowners' association fees, etc.  Sure, you'd still be responsible for the house – but you'd be responsible for it if it was sitting empty, too!  At least this way, your house won't become a financial black hole.

Why would a buyer choose to buy a home this way?
It's a great option for people who want to "try out" the house and the neighborhood first.  After all, most rent to own contracts have an "out" for the tenants.  At the end of your lease, you're not required to buy the house.  Of course, any money you've put towards buying the house in rent will be lost, but you won't be stuck with a house you don't want. Plus, rent to own deals are great for people with not-so-great credit, who can't qualify for a loan right now – or who can't qualify for a loan that's big enough to buy this particular house.  But, by knocking thousands of dollars off the purchase price through the rent to own process, you may get it low enough to get a lender to play ball with you. In the end, no matter what side you're on, everyone can win!


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SOURCE RealtyPin.com


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