Having one’s own house is a big achievement for anyone, most especially for a family. Aside from being a big achievement, it’s also one of our biggest purchases. Therefore, one has to set aside a huge amount for purchasing a house; it can be for a down payment or for monthly rental fees.
If purchasing a house is a big burden in your pocket and you cannot afford yet to save for a down payment, another option would be renting. In renting, a monthly fee is paid to the landowner. However, most people now find renting a waste of money, especially if you would be renting for years. Now, we have another option which is the current trend in real estate called rent to own houses.
In renting to own, the tenant also pays for rental fees but this time depending on your agreement with the landowner, you can now have the option to buy the house after several years of renting it. How can we assure that we are on the right path and would not regret our choice of buying a house?
To make sure that you will not regret any decisions you make when it comes to renting to own a house, one need to plan and research in advance. You can look for different houses offered in this option. Also, check and make sure that the house is in good condition and does not need repairs. It is important that you have decided well and will not regret signing any agreement or contract.
If you think that there is something wrong with the house and you cannot see yourself living in the house for a long time, then do not involve yourself into something that you will regret in the future. There have been cases wherein, tenants, upon completing the number of years, decides to leave, he or she loses the chances of getting back the rental fees he or she has paid.
However, what is good about this option is since it requires tenants to lease for several years it also means more time for them to save and earn for a down payment and in completing the payment of the house. Other fees can also be asked from the tenant which are outside of the selling price like taxes and other fees.
Once the tenant gets to buy the house, as the new owner she now assumes all the responsibilities and liabilities of the house. So if there are any that needs repairs or improvements it is now up to the hew owner to fix and have them renovated. It is up to the new owner now how she wants the house to appear or look. The seller must secure the new owner all the necessary documents related to the house.
In the rent to own option, more and more families have grown hope that someday they would be able to have a house of their own. That is why, it is very necessary to plan things ahead before jumping into any contracts or arrangements.