How to Get a Rent-to-Own Home
Rent-to-own home agreements are a special type of lease agreement that allows you to put part of your rent toward the purchase price of the home. The rent-to-own home agreement may vary depending on the way the contract is written, and you have to be careful that the agreement does not have any loopholes that may cause you to not properly gain possession of the home.
- Difficulty:
- Moderate
Instructions
-
-
1
Look for houses listed as rent to own in the area you want to settle in. Check Craigslist, newspaper listings, real estate agencies and the signs in front of houses to see what rent-to-own homes are available.
-
2
Visit the homes you are most interested in. Decide if the home is a good long term fit as far as the house size and setup, as well as the surrounding area. You don't want to be stuck in a rent-to-own home if you don't want to live in it for a long time.
-
3
Read the rent-to-own home lease agreement carefully, and consult a lawyer if you have any reservations about the contract. A typical rent-to-own home contract should specify how much of your rent is going toward the down payment or principle of the home, what happens to the extra money in the event of a lease termination or eviction, how long you have to purchase the home once you begin renting it, and the other terms of the lease agreement. Sign the agreement when you are happy with it and give the landlord any upfront downpayment money, the security deposit and the first month's rent unless otherwise specified in the agreement.
-
1
