If you are currently renting a housein Chicago and suburbs, and you feel like you are paying off someone’s mortgage, and dream of your own place. Don’t give up your dream. While there are different way to acquire real estate the most suitable for you might rent with an option to purchase. In this kind of settlement the renter (future buyer) agrees to rent the property for certain period of time that can be somewhere in between 1 to 7 years. The seller and the renter can agree on different terms of the transaction such as term of the lease, lease increases, property purchase price, option premium etc… This option provides you the opportunity to become a homeowner even if you are unable to purchase the property immediately. A lease purchase can make you settle in place you love and make the rental agreement for your future.
One of the popular rents to purchase settlements is similar to the way you can rent to own a TV or furniture. In this situation the land lord (seller) will ask for some kind of deposit and monthly rent until the purchase. This is similar to a lease option as well, except all you pay is rent and nothing is applied toward your purchase price. The deposit is usually significantly lower than the premiums for option. The major benefit for you is that you can purchase the house you love in the future. A rent to own arrangement, where the money goes toward your equity might sound better but your monthly rate would be higher, and if you decide to back out and not to buy the house you can lose some money.
This rent to own arrangement is perfect for people who are in transition and building their credit and career to purchase a home in the future. Rent to own becomes more and more popular as many people have foreclosures, short sales and bankruptcies on their credit history. This is “Win – Win” situation for seller and buyer. It gives the seller the opportunity to get a fair market price for their property while it allows the buyer to obtain a dream house with limited credit and cash.
If you are not able to obtain a loan fill out this contact form write “ Rent to Own “ in the subject and I will show you the way you can own your dream home with lease purchase arrangement in Chicago and suburbs.