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The Quick Guide to Rent-to-Own Homes


Even when all the factors for purchasing property are in your favor, you may still not be able to do so if your credit score comes up short or if you’re falling short of making a down payment. Maybe, you could consider a rent-to-own arrangement.

A rent-to-own agreement is an installment plan wherein a portion of the rent goes toward purchasing the property. A rent-to-own agreement is an option for those who don’t have the money for an outright down payment or don’t have a credit score that can get them a low mortgage.

With a rent-to-own option, you can live in the house you wish to buy and then steadily improve your credit rating so that when you apply for credit mortgage, you get a good deal.

But before you decide to go with this alternative, explore other options. It is obvious that with this option, each month you will pay the rent and an amount over the rent that will go toward building equity in the property.

Rent-to-own agreements must be carefully studied before you sign up for one. It shouldn’t be that you commit to one and then realize that you could’ve availed a mortgage.

If you do choose to go the rent-to-home way then you stand to gain in the following manner –

  1. You can build equity in the property.
  2. You pay an option deposit that will be credited to you with interest when you buy the home.
  3. The out-of-pocket expense is manageable; you don’t have to make a 3.5% down payment.
  4. Depending upon the terms of the rent-to-own agreement, you could get a flexible deal on credit so long as you can make payments on time.
  5. You move in and learn about the house. You get an idea about the improvements required.
  6. You don’t have to worry about property taxes because you’re not the owner.
  7. Distribution of maintenance costs is agreed upon; usually the buyer is responsible only for minor maintenance.


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