You may be contemplating to buy a house but cannot afford the expense so you only resort to renting it. But, as time passes by, you'll realize that your expenditures are too much and feel that you are just going nowhere. With that in mind, you would consider rent-to-own as a good investment rather than fleeting.
While you see the benefits of rent-to-own, you might have overlooked few things about it.
Bill Len, an expert author of Ezine shares rent-to-own principles you probably do not know:
You can try the house before you buy it
Impulsive buying is rampant nowadays yet renting a house and owning it eventually will save you from buying through impulse. This is good chance for you to think more than twice whether the house is really right for you while considering your expenses. Within one to five years of your rental period, it will give you ample time to familiarize the house and make sure whether it deserves your bucks. Your rental period can also give you time to save up for your next payment to make.
You can save extra money
Compared to renting a house for life, with rent-to-own, saving your bucks is a sure hit! Rather than staying in another transient house for rent while waiting for your papers to get done with your real estate agent, landing on a rent-to-own house right away would spare you from headaches. Rent-to-own is the fastest way of using the property which will be your own in the long run.
You have to accept possible losses
While you see the perks of renting-to-own, do not overlook the extra risks that go with it. When you start renting, you have to pay the down payment which is most of the time non-refundable. Although this depends on how the owner negotiates with you, but, you must always expect that it's extra hard to get the money back especially if you have signed something. So, make sure you are more than interested in the house, or else you will also get bankrupt, so to speak.
