That’s definitely the case for Jimmy McMillan, the eccentric and outspoken candidate for governor of New York. But it doesn’t need to be the case for you, not in today’s buyer/renter-friendly housing market, anyway.
Foreclosure.com recently added a comprehensive new section on its website for Rent to Own Homes listings. House hunters today want the best of both worlds, feeling out homes in specific neighborhoods without committing 100 percent to buying them.
The benefits of a “rent to own” home are enormous!
BankRate.com serves up several of them:
- You are not frittering away money on rent.
- You get to take the house for a prolonged “test drive” to find out if its design, road infrastructure, neighborhood, schools and area resources are adequate for your needs.
- You have the flexibility to walk away at the end of the term.
What exactly is a “rent to own” home? Again, the article does a find job defining the process:
“… the agreement calls for the renter to purchase the house by a set time, which is typically 36 months hence…. the renter/buyer [is often required] to pay additional monthly rent premiums to ‘buy down’ the price of the home in addition to paying an upfront sum, ranging from 3 percent to 10 percent of the purchase price as a down payment of sorts. Most such agreements, but certainly not all, specify a locked-in price.”
To begin searching for rent to own homes in your area click here.