There are a lot of misconceptions about rent-to-own homes. Many people think that these are simply houses that you can buy and they will do nothing but collect rent every month. This is certainly not the case at all.
Before you even consider buying a home, you should know how much it is going to cost you each month. How much money will you have to set aside each month? How much will your monthly bill be? How much can you afford to spend? Once you have answers to those questions, you can make an informed decision on whether or not a home is a good idea for you.
One of the biggest myths about rent-to-own homes is that they are easy to obtain as they say on https://renttoownreviews.blogspot.com. The fact of the matter is that there are many requirements that you must meet in order to even get approved to buy one. The lender will want to see income details, credit history, and even verification of a co-signer. If you don’t have a co-signer, or if you are unable to verify your income yourself, then the lender may not even give you approval to buy the property.
Another big myth about rent-to-own homes is that you can buy one and then sell it again to make extra money. That is actually against the law in most states, although some exceptions may apply. Basically, the lender requires that you use the property as your primary residence for at least three years. Then, you can buy another home, which is generally considered your secondary residence. You cannot, however, sell the house again once you have sold it.
A final common myth about rent-to-own homes is that you don’t have to be careful with them. Actually, this is true if you buy them from a trustworthy company. There have been many cases when people have bought one of these houses only to find that the appliances or wiring are not what they were promised. A good buy to let broker can help you find a real estate agent who specializes in selling rent-to-own homes, but you still have to check the contract carefully. There are definitely pitfalls to buying rent-to-own homes, just as there are pitfalls to buying any type of real estate. But you can avoid most of them by doing your homework before you buy. Educate yourself about the laws surrounding rent-to-own homes and the risks that are involved. Also, talk to a good real estate agent so that you can learn more about the process. A broker can give you helpful advice and can also help you avoid common problems that can occur when you buy rent-to-own homes.
