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Rent To Own Homes in Broward County

Rent To Own Homes in Broward County Tags: , , , , , , , , , , , ,

Rent To Own Homes in Broward County

Rent to Own, Lease Purchase & Lease Option Homes

Rent-to-own homes provide buyers-tenants and sellers-landlords additional options during questionable times for the market or the individual parties. The general agreement allows for a potential buyer, who may not have the capital to buy the house out-right or the credit to get a loan, to pay a deposit up-front, traditional rent and a rent premium and live in desired home immediately. http://fchomesbroward.com/ has hundreds of rent-to-own homes available, as well as regular homes for sale in South Florida.

The deposit on a rent-to-own is usually between five and ten percent of the property price. The traditional rent goes straight to the seller-landlord, as in any other rental agreement. Most rent-to-own contracts are fairly short term – one to three years is the usual length – and the price of the property is usually established at the contract signing. However, other details of the arrangement depend on which type of rent-to-own agreement you enter.

Lease Option

A lease option allows the buyer-tenant to work towards the purchase of the house without an obligation to buy. This arrangement provides the buyer-tenant 12 to 36 months to save money or raise a credit score that is slightly below the needed one. A lease option also reduces the potential buyer’s anxiety about making the long-term and all-inclusive commitment of purchasing a home and provides him or her time to further consider the pros, cons and responsibilities of home ownership. At the same time, a lease option agreement gives the seller-landlord more security than with a traditional renter. The tenant can ultimately decide not to by the home, but he or she usually forfeits the original deposit and the rent premiums paid every month.

The path to a successful rent-to-own – for both buyers-tenants and sellers-landlords – requires a solid and detailed contract and a thorough game plan. If potential buyers engage in a lease option or purchase in an effort to improve their credit over the lease period, they should make sure they do in fact raise their credit scores and will be granted loans for the mortgage. Otherwise, premiums and deposits will be surrendered .For security and planning, both parties should establish a property price at the beginning of the agreement – or decide to go with the market price at the time of the purchase – and write the price into the contract.

 

For more information go to : http://fchomesbroward.com/lease-to-own-program/  or call us at 786 505 8884

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