House rentals have become a skyrocketing business in real estate as many would want to live beyond decent lifestyles, if not luxurious. They are willing to spend even half of their monthly income on rental costs, preventing them to save up for their own house.
Such observation has been verified by Realtor through a report saying a program dubbed as Home Partners of America is designed to help interested buyers and would-be owners, who had long been wanting to have their own property they can call home but can't simply because their credits have prevented them to do such.
Given there are existing programs who capacitate potential buyers to rent to buy, not to mention banks who offer higher credit limits, is it really right to get a rent-to-own property?
There are three good reasons that have been rounded up implying why rent-to-own can solve the rental crisis:
How rent-to-own works is already an advantage
It could mean shelling out a lot of money but the advantages of rent-to-own may be good things that you have overlooked. The thing is you don't pay on the spot so you can live in the house. Yes, you will pay for the down-payment but you only have a very slim chance to go broke as you can negotiate with the owner your payment schemes including your monthly amortization. You are given years to pay for the house and that's a great time to save up while already benefiting from your stay in the house.
The market world supports rent-to-own and you are not deprived of it
As mentioned in the outset, there are existing advocacies that assist would-be home owners to be able to purchase a home. A real estate listing company spokesman, Eric Mangan describes via Forbes how rent-to-own has become a trend for people due to the tight credit market and tough down payment requirements in real estate home buying.
It will transform you from being a pathetic renter into a gallant buyer
You don't want to rent a house for the rest of your life as much as you don't want to be paying for a house which will never be yours. Either a bank or Home Partners of America helps you get your dream house, the point is you will have someone to vouch for you and do some leverage in your reputation. Housing Wire says advocates like Home Partners of America will purchase the property which will give a "credit positive" impression on for investors, gaining the trust of sellers. Now that you have been approved to get a rent-to-own property, this will turn you from a simple renter into a respected buyer.