| Are you are looking into the idea of Rent to Buy | | | | do this. It's difficult to be dispassionate about |
| homes (also known as lease to own)? How would | | | | something you really want. Be sure and have |
| you like to have a road map to help you find your | | | | someone other than yourself, preferably a real |
| way? These 5 tips will get you started but, you will | | | | estate attorney, look it over and explains the terms |
| need many more questions answered. You can find | | | | to you. You can call any title company and they will |
| more tips on the authors site. Do a rent to own at | | | | have an attorney on staff who can do this for a |
| your own risk without consulting the list below! | | | | very small fee. Do this and you may save yourself |
| Consider This.... | | | | finding out some huge, costly, surprise later. |
| | | | 5. Want to take the risk out of option to purchase? |
| 1. Location, location, location. The old axiom applies to | | | | The option to purchase is the agreement that says |
| Rent to Own as it would with any other purchase of | | | | you can (but don't have to) buy the home for a |
| real estate. Ask yourself, would I want to raise my | | | | specific price for a specific length of time; 1 year 2 |
| children here? If the answer is yes, on to step 2. | | | | year, etc. In a market where home prices are going |
| 2. If you can get a loan/mortgage and purchase the | | | | up fast, less risk for you if you lock in a price in your |
| home outright, you may be better off doing so.If | | | | option to purchase. In a market where prices are flat |
| you think you may need to move within 2 or 3 | | | | or falling (like now 2008) you have less risk if you |
| years, Rent to own might be a better option even if | | | | don't lock in the price. How do you do that? Ask the |
| you can get a mortgage now. | | | | seller to put in where the purchase price goes in the |
| 3. A Lease to Own/Rent to own is similar to "living | | | | Option this; "Price will be determined by a mutually |
| together before you get married". You might find out | | | | agreed upon appraisal at time of executing Purchase |
| the other is a perfect fit. Or, you might find out the | | | | Option". This will mean you get a fair price when your |
| house has some really nasty habits! Either way, you | | | | ready to buy and so does the seller! |
| haven't made a life altering commitment. And, if you | | | | Other questions you will want to explore; is rent to |
| want to, you can take the plunge get a mortgage | | | | own right for me? Why? Is now a good time to |
| and make the commitment to own. | | | | move? Want to learn more about Rent to Own |
| 4. Make sure all the terms of the agreement to | | | | Lease to Own? Search the Internet or stop by the |
| Lease to Own/Rent to buy are spelled out in writing. | | | | authors site and get the information you need to |
| This one seems obvious but many people just don't | | | | decide if it's right for you. |