Lease to Own Homes Can be a Great Solution!

Posted on February 8, 2010 | Category: House Trivia

Home ownership is one of the biggest indicators of total wealth.  Over time, a home owner will build more wealth than someone who is just renting.  Unfortunately, the state of the current economy is making it difficult for many people to build wealth.  This is especially true based on the fact that the current mortgage market is making it difficult for many people to become home owners.  Underwriting guidelines have tightened considerably and loan products that were once readily available have disappeared.

If you are in this situation, you may thing that credit repair is your only option to move in the direction of your goals.  However, you can consider getting a lease to own or rent to own home.  One of the key advantages of this choice is that you get to begin building equity in the home now, rather than waiting until you can actually qualify for a mortgage loan.  This happens because you receive a rent credit each month for a portion of your monthly payment.  When you go to buy the home, your accumulated rent credit will be deducted from the agreed upon purchase price.  Also, if you are in an appreciating market, you can reap the benefit of any appreciation that occurs during your rental period.

Another reason many people choose to rent to own is that they are able to move into a home now, rather than continuing to rent a home they have no intention of ever making their own.  The ability to enjoy their home now while working on improving their credit situation is attractive to many people.

So, how can you find a rent to own home?  The easiest way is to search for rent to own homes listings on the internet. Or, you can go to websites like craigslist that offer free real estate listings and search for the terms rent to own, lease option or lease to own.  You are certain to find many homes to choose from!

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