Rent To Own

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Rent to own

Rent-to-own is a property term relating to an agreement which is composed of a tenancy and a purchase agreement where the tenant has the option to purchase the property at a fixed price at a specified point of time in the future. It is also known as rent to buy, lease to purchase option and  lease option

The lease resembles that of a typical tenancy agreement where the landlord, allows the other party, the tenant, to occupy the property in return for a monthly payment. The option to purchase the property usually states the price at which the property is to be bought and the time period during which the tenant is able to exercise the option.

What does this mean to you?

Rent Now Buy Later

Yes, that’s right. The right to buy a property is not just for social housing tenants. You can rent to buy too and there many schemes out there that will allow you to do this. It is also possible that your landlord may be interested in selling their property in a few years time and this could be a perfect agreement for you both.

One advantage to rent to buy is  not having to save for a hefty deposit as house prices keep rising and expenses keep going up. The price of the property will be agreed from day one and fixed at that price no matter what happens in the economy.. In addition, as the property will be yours one day, any time effort and money you put into its décor will not be wasted.

The rent to own option is a very good one for people looking to rebuild their credit before buying.

Lease options

The term” lease option” is the official term for rent to own. It is a term used heavily in the US and the term that will be used by solicitors and property investors and it’s basically a lease of a property with the option to buy.

Rent to Buy homes

There are rent to buy homes being offered all over the country. New build homes and also lived in ones too. 
To find out more about rent to own options
contact us