Top Reasons Why You Should Stop Renting and Own a Home Now
Now and then, people get confused between renting and buying a house. Many people think that renting a house is a better choice because they have to live in it for a short period. This choice is for the individuals who don’t have a stable job or are constantly on the move. But for those willing to settle down in life, owning a house is the choice for them, and what better way to purchase a house than through rent to own homes schemes.
Can Rent to Own Homes be an Option?
Ren to own homes is a better choice for those people who want to buy a house, and if they are first-time buyers, then these house buying schemes will provide the following benefits;
- Bad credit like five hundred points is acceptable.
- A fixed purchase price of the house.
- Know the house before making the final deal.
- The mortgage rate is constant.
Why does Renting a House have Disadvantages?
People who prefer renting a house give various advantages and think that house buying is a waste of money. But they forget that renting has disadvantages that need to be discussed to know why buying a house is preferred.
Annual Increase in Rent Amount
The monthly rent of the house is increased by the landlord every year. This rent increase is proportional to the rising prices of properties. It creates issues because, many times, the tenants don’t have the resources to pay the ever-increasing rent.
Bound by a Lease Agreement
Another disadvantage of renting a house is that tenants are bound to sign a lease agreement. The problem is that tenants have to live in the house for a year. They are obligated to pay the rent, even if they move in late or move out early.
No Permanent House to Settle Down
A big issue with renting a house is that you might have to leave it after three to four years. This is because the landlord wants to sell the house or have new tenants who are willing to pay more rent.
Little to No Privacy
Having no privacy is a problem when you live in a house on rent. The landlord has every right to intrude as he or she owns the house. Some landlords depict very rude behaviour if the tenants confront the landlord or ask not to intrude.
What Advantages Own a Home Now Will Give?
Some people prefer to buy a house instead of renting it because they could escape the disadvantages mentioned in the above paragraphs. If you want to do the same, then look for experts like Stop Renting Albany for buying a house and getting the following benefits.
The House Becomes an Investment
The house that you buy becomes an investment for the future. The price of houses is always increasing, but sometimes the cost might decrease. You can sell the house at a good price when you need money.
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No Worries of Shifting Now and Then
As discussed above, tenants have to leave the rented house after a specific period. But you don’t have to worry about shifting to another house now and then. The people who want to settle down in life prefer to buy a house.
Renovating the House As Buyers Wish
Many individuals think that buyers can’t do renovations of their choice when purchasing a rent to own property. But the rent to own contract gives the buyers freedom to make changes in the house even during the renting period.
Fixed Mortgage Rate of House
The rent amount increases every year, but the house’s mortgage rate and rent to buy homes are fixed for the whole contract period.
Full Privacy for the Buyers
When you live in a rented house, one of the main issues is that the landlord can intrude on your privacy. But no one can enter the house premises that you purchased and disturb your privacy.
These are the main reasons people should stop renting and buy rent to own homes.
Below are questions that are needed to be asked to understand rent further to own homes schemes.
Frequently Asked Questions
How does one with poor credit buy a rent to own home?
If you approach lenders and ask for a loan to buy rent to own homes, they will happily grant you the amount even if you have a poor credit score. The reason is that when you pay the mortgage, the regular payments increase the credit score for the buyers to apply for the next loan if needed.
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What are the advantages of a rent-to-own home versus just renting month-to-month?
When you apply for rent to buy homes loans, you don’t need a high credit score, and you live in the house for the renting period; you get privacy and somewhat control over the house.
What are the requirements for a rent-to-own home?
When you apply for rent to own homes, there are two legal contract lease-agreement and option types. The purchase price is set by a mutual understanding of the buyer and seller. A closing amount is needed at the end of the lease agreement.
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