Homes from $475/Mth in Your Area

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2 Bd/2 Ba - $475/Mth

4 Bd/3.5 Ba - $900/Mth

3 Bd/2.5 Ba - $750/Mth

Rent-to-Own FAQ's

What is Rent-to-own?

Rent-to-own is a contract that allows prospective buyers to lease a property with an option to buy.

What are the benefits?

• Rent-to-own contracts allow prospective homebuyers to lease a property with an option to buy either before the end of the lease or when the lease expires.
• The contract gives the renter the option to buy the home at a specified future date.
• Part of the monthly rent goes toward the purchase price of the home, allowing the lessee to save toward the down payment.
• Buyers typically pay a nonrefundable premium upfront to the landlord. The amount is negotiated between the buyer and landlord and can go up to 5% of the purchase price.
• There is no need to move if you decide to buy the home at the end of the lease.

Is Rent-to-Own Worth It?

Rent-to-own agreements are not for everyone. If your credit rating is not good or you need time to save for a down payment, then rent-to-own may be for you. A lot depends on your financial situation.

What is in it for the owner?

• More potential buyers: If the owner is having trouble attracting buyers, they can market to renters who are looking to buy in the future.
• Earn rental income: If the owner does not need to sell immediately and use the money for a down payment on another property, the owner can earn rental income while moving towards selling the property.
• Set a higher price: The owner can ask for a higher sales price when offering rent-to-own. People may be willing to pay extra for the opportunity. Renters also get the option to buy the house, but may not exercise the option. Adding the option or opportunity always results in a higher price.
• Have an invested renter: A potential buyer is more likely to take care of the property and get along with neighbors than a renter with no skin in the game.