Owning Through Renting a House

With a lot of people out of jobs these days and have only more than enough to buy a house or even pay for instalment or down payments, the number of not only individuals but also families renting has skyrocketed in the past few years. This means more opportunities for those engrossed in renting to own a house ventures.

Renting has given families a lot of chances to earn and save money for future housing plans. While renting, they can set aside a portion of their salaries allotted for plans of buying their own house and lot in the future.

But now, with the rent to own option, families who are currently renting can have the opportunity or the option of owning the house they renting or have been renting from the seller. This option should be clearly stated in the term and conditions as imprinted in the contract of lease.

Everything must be agreed upon by and talked over by the seller and the buyer before any moving in takes place. One of the conditions that should be talked about is the number of years the tenants must have stayed or lived in the house currently being rented to. This house, as agreed upon by the seller and the buyer, can be purchased by its tenant and be taken as their own house once all payments have been settled.

Most rent to own homes options require tenant to have rented the property from two to five years. This can be a long term for some, co it’s important that tenants can wait for this term. However, most tenants actually find this an advantage because more time means more savings until they finally get to buy the house.

When the time comes that tenants have finally completed the number of year required for lease, the seller will then have to transfer all the necessary documents related to the property. Also, at this point, the seller has to have had paid all the remaining amount of the house’ original cost.

The amount to be paid is based on the accumulated rental fees which are subtracted from the property’s original cost. The tenant can also be asked to pay other extra miscellaneous related to the house like the monthly dues or other taxes. Once this has been completed, tenants are now turned into new homeowners.

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