Rent To Own
Why Rent to Own?
There are a number of reasons you may consider renting with an option to own. You may be a first time home buyer who is cautious about making the major investment home ownership requires but you would like to rent a home you would actually like to buy. You may be relocating and want to ‘test drive’ a neighborhood before you commit to buying a home. Perhaps you are credit worthy but cannot get a mortgage right now. These are some reasons why you may consider renting with an option to buy.
How Does It Work?
- You make an application to see if you qualify to rent to own.
- Based on what you qualify for, start looking at homes for sale.
- Our investor purchases the home and rents it to you.
- You have a 3 year window to choose to purchase the home, or not.
What other benefits are there?
Dallas is very popular right now which means that if you are considering renting a home, you are one of many applicants for each home on the market. Using the rent with an option to own you open up the pool of homes to rent to include all homes within your budget that are for sale. Our investor is a cash buyer and so we are able to get you into your rental in the same time period (and often quicker) than if you were renting from a typical landlord.
Frequently Asked Questions
Am I committing to buying the home?
If you qualify, you are committing to lease the home for a minimum period of 1 year. You have the first option to purchase the home within a 3 year period. At the end of the first and second year you can choose to extend the term of the lease by another year. You can rent up to a maximum of 3 years.
What period am I leasing the home for?
Your initial commitment is to lease the home for a period of 12 months. You are not obligated to lease the home for a period longer than 12 months. Towards the end of the 12 month period you can elect to extend the lease for a second year. You can then do this again at the end of the second year to extend the lease for a third year. Within the 3 year period you have the option to buy the home.
What security deposit is required?
The security deposit is equal to two months rent. If the rent is $1500 per month, an amount of $3000 is required as a security deposit. All normal conditions apply to the security deposit.
How much can I purchase the home for?
Before you sign the lease agreement for the first year, you will know exactly how much it will cost to lease the property for the first 12 months, the second 12 months, and the third 12 months. You will also know exactly what you can purchase the property for in the first year, the second year, or the third year.
How do I get started?
Contact me and I will be able to see if you qualify and get the process started for you.