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Benefits of Venturing into Rent to Own Homes
We all intend to own houses at some point in our lives. Financial challenges always stand on the way of these people. Rent to own homes are the best option when you cannot afford to pay fully at once for the house. Before entering into any agreement with any realtors, it is important for you to consider the benefits of the process. When you rent to own a home, you are likely to enjoy the advantages listed below.
The package is perfect, especially for people who can’t get access to loans from financial institutions due to their poor credit. This service will give an excellent opportunity to grow and build up your record credit which will increase the chances of you obtaining a loan to pay for the house. Usually, financial institutions will give out loans to people they know will repay the loans by looking at their credit records. First time home owners usually have a very poor credit record with money lending institutions, which makes it hard for them to get mortgages and loans. This insists the importance opting for rent to own homes first. The amount you will pay for that house is also less because some of your rent goes into paying for the house.
Also, the seller of the house will be the one paying taxes for the house until you fully pay for the property, and all rights to ownership transferred to you. The seller of the property will be the one paying property taxes until you are done paying for the house. This will save you a good amount of money which you could have given to the authorities as property tax. Therefore, you will have some time to save more to pay for the house. It is, however, important for you to remember that you will be obliged to start paying for property taxes once you are through with paying for the property.
Finally, the agreement binds both of you and the seller cannot change the final price of the house once you have signed the agreement. This will benefit you in the sense that the seller will be barred from mistreating you for whatever reason during your stay in the rented property. The agreements are legally binding and this will ensure that you will not be ambushed with price changes by the seller. Even if the demand or value of the property increases, the seller won’t be able to alter the agreement. This will also give you sufficient time to evaluate the option and decide whether it is right for you. This is because, some people end up regretting after rushing to buy properties.