The term rent to own pertains to the rental contract that comes with the option to buy the house at the end of the contract. Usually it has a pre-determined rate. Part of the paid rent goes to the equity as well as to establishing a positive credit background for you. As a real estate option, there's always a nonrefundable consideration given to the property owner and it is often a couple of percentages from the property value.
As part of this agreement, the rent to own home buyer has the choice to buy the home at the end of the contract at a rate that has already been set from the beginning. This is regardless of where the real estate values go. This is merely an option; it's not to force the buyer to buy the home. Rent to own home options have become popular in many cities all over the world. The option part is not considered as a deposit or down payment; it's just to lock the rate of the home to its present negotiated value regardless of the real estate market should go, view website here!
You should be aware though that rent to own homes are somewhat higher in rates compared to the usual rental properties. This is because part of the rental payment goes directly to the actual acquisition of the home creating a savings system that can help in collecting the required down payment once the entire transaction is completed. Majority of the rent to own home options also require the tenant/renter or buyer to do necessary minor repairs until such time when the rent-to-own period ends. The major repairs such as fixing the roof or resolving some structural issues are left to the actual owner's responsibility until the rent to buy option is practiced by its new owner. Click here to view website!
One thing about a rent to own property is that is often in better shape compared to the usual rental properties. When you check one of the rent to own home properties you will see that they are in a great shape and that they cannot be sold in a traditional way. This gives you a huge inventory of houses which you can consider as options.
It's also a good option for those who don't like to keep on moving. All you need to do with a rent to own home option is to buy the property you want, stay on with the agreement, and when the agreement ends you need not move again. Visit http://www.ehow.com/how_8131_market-property-sale.html and grab some information.