Don’t Get Stuck With a Property You Can’t Sell – Offer Rent To Own Terms
You’ve just purchased the home of your dreams, signed the contract and packed the moving van and you’re all set, right? Not if you haven’t sold your current place first. So you place it on the market and you wait. And wait. And wait. Purchasers come along, but they don’t have sufficient cash saved up for a deposit, or their credit isn’t good enough. How will you ever sell this property?
For some, the rent-to-own home may be the best choice. Also named a lease-to-own property, the method operates similar to a car lease: Renters pay a certain sum each month to live in the house, and at the end of a set point generally within three years they have the choice to buy the house. Each month of rent they pay is income for the seller, while a part of it goes toward a down payment on eventually buying the property.
Both renters and vendors need to be very clear about the contract they mark up before they agree to this arrangement. Renting to own has rewards and disadvantages for both parties. Vendors who have already purchased a new house will have relief from paying two mortgage payments at once, and in a slow housing market with many houses for sale, this may be their greatest alternative. Buyers who can’t yet afford a home may be able to get one more quickly.
Visit www.DIYRentToBuyHouses.com.au to read how Dallas & Kerrie Kelso can show anyone how to setup their own Rent To Own deal without involving the overpriced Rent To Own Investor middleman.
Tags: buy, car, home, house, men, web
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