Simplify the purchase of homes and homes.
Using rent for your own method, also known as renting with the option to buy later, families can get into the property at home much easier than trying to go through banks and the usual ways of buying a home.
The rent for your own program allows the buyer (buyer-tenant) to buy a house with a lower down payment, and a generous amount of monthly rent will be credited at the purchase price, which will greatly simplify it than conventional methods.
This lease using your own method works great if your loan has recently been damaged (for example, millions of Americans), because it allows you to repair your loan so that you can apply for regular bank financing at the end of the rental / purchase period and then directly buy house at the landlord.
For those people who cannot buy a house through traditional means, renting their own homes is a viable option to own property. Renting your own way brings the dream of home ownership to people who may have thought this to be impossible.
Here are just some of advantages of renting for purchase.
Rental money becomes an investment
In most cases, rental money goes into the landlord's pocket, pays for the house mortgage, complements his or her income and no longer does it for the tenant. With rent for own houses, part of the rental money goes to buy a house, which makes it an easier way for most tenants to invest in a house.
Purchase can be made regardless of credit rating.
For those who have less than a perfect loan, renting their own homes is the way to go. Since rent payments are made to buy a home, it works in the same way as mortgage payments. When it comes time to make the last payment and buy the house, the landlord can use the loan established with them by tenants to justify selling the house and transfer it.
Move to Quicker
When it comes to typical mortgages and purchases at home, it can take months from when the offer is accepted in the house before buyers can move. With rent for their own homes, people can usually move in a week or two with a deal and signed documentation.
Capital grows faster
Compared with the average mortgage equity is built faster in renting for your own situation, because the assessment is faster. When a tenant controls a home, he or she can make improvements because they pay rent. When it is time to make the final payment, the purchase price may be much less than the cost of the house.
Full control of the house
When tenants move out, they get full control over the house, which means that they can make adjustments and improvements where they see fit. Since they have such a high proportion of ownership, they are not going to spend their own money to improve a house in which they will not live for a long time and ever, so that landlords do not need to worry about the tenants causing damage. property.
No taxes
Since the house is still owned by the landlord, the landlord remains responsible for property taxes until the balance is fully paid and the property is transferred to the tenant. This makes it easier for tenants to save money until they become owners of the house to prepare for the expense as soon as they do.
There are many other advantages for both tenants and landlords. While tenants may pay a higher rent for such a situation compared to the usual rental situation, they will be so willing to know that the property will eventually become their property. Plus, the amount of rent paid frequently is credited to the purchase.
It is cheaper to buy than to rent in 72% of the largest US cities
Despite the growing number of tenants throughout the country, it is cheaper to buy a house and not to rent it in 72 percent of the 50 largest cities in the United States, according to an index published by Trulia property search and marketing.
Since the beginning of the Great Recession, many former homeowners have flooded the rental market. from Trulia, in a statement.
“Despite the need to achieve real economic recovery, tougher banking lending practices have also been further aggravated struggling housing market in the short term. mortgage loan. "
In 36 of the 50 most popular cities in the country, buying a two-bedroom house is cheaper than renting. These cities include many areas that have been hard hit by foreclosures, such as Las Vegas, Phoenix and Fresno, California.
It looks like it's time to buy ..
