Rent To Own
Before we can look at why we would want to buy a home and how to buy a home on a “rent-to-own” basis, we first need to understand what renting-to-own is. A rent-to-own can also be referred to as a “Lease with an Option to Buy,” a “Lease Option” or a “Lease to Own.” For our purposes we will call it “Rent To Own, but these words can be used interchangeably for the most part.
In a nutshell, a rent-to-own sale means that we are allowing you, the future buyer, to live in the home for a while as a renter before you actually purchase the home from us.
In a rent-to-own transaction, before you move into one of our homes as a renter, we would agree on the sale price and other terms. You would pay us a non-refundable option fee. We would then sign paperwork covering the lease, the purchase and the option (which gives you the right to purchase the home at a later date) and in approximately one to three years, depending on our agreement, you have the option of purchasing the home.
The option fee is used as part of your down payment when you exercise your option to purchase the home. In addition, we have a special bonus in place. If all monthly rent payments are paid on time, we add $200 per month to your down payment when you exercise the purchase option. So, if you rent for 24 months before exercising your purchase option, then you would have an additional $2400 to apply as down payment towards the purchase price of the home.
We also have a network of credit repair specialists that will work with you, free of charge. They will review your credit situation and work with you to improve your credit score so that we can get you qualified for a home mortgage to purchase the home. We just added a new company to our network, Capeside Mortgage, LLC, that will be able to get you some of the most aggressive rates in the mortgage industry!
Call us at 910.794.8104 to discuss our current Rent To Own properties or fill out the form below. We look forward to hearing from you.
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