Why are so ren people renting instead of buying a home? Due to lower home inventory, rising home prices, and stricter mortgage qualification standards, the rental rates in Tucson show no signs of slowing.
However, some buyers are finding a way around the ticson of buying a home now by investing in a rent-to-own home for later. Rent-to-own deals, also known as a lease-to-ownrequire buyers to pay extra rents each month plus up-front fees of about five percent of the purchase price.
The regular rent presumably goes to the owner and the additional payments are used to buy down the price of the home. Here are the pros and cons and what you oown need to know about rent to own homes.
Find out what all your upfront fees and extra rental payments are going.
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Looking for homes in Tucson to rent to own or lease with a purchase option? specializes in deeply discounted area real estate. If you live in the greater Tucson area and are tired of paying rent or considering or a rent-to-own option, you owe it to yourself to meet with one of our New Home . Find Rent to Own homes in Tucson, Vail, Sahuarita, Marana, and Oro Valley. We make home ownership affordable for everyone.
Pros Buyers having trouble arranging financing can benefit from a rent-to-own lease. A rent-to-own lease gives buyers a chance to build up down payments and to improve their credit scores so obtaining a mortgage or future financing is easier.
Cons If buyers fall behind in their monthly payments and are evicted, they lose tp up-front fees and rent premiums they paid and their investment is tucson rent to own houses. Renters may have limitations in modifying their rental since they do not yet own it such as painting or making home improvement upgrades.
Renters do not build equity while they are in a rent to own lease. You can share this story by using your social accounts:. Leave A Comment Cancel reply Your email address will not be published. ret
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