Those with bad credits need not have to scour the banks for mortgage plans with reasonable interests anymore. The same is true for people looking to buy homes but do not have the sizeable amounts of money for the required down-payments. With the lease to own option, these individuals will finally get the chance to become full-fledged homeowners. If you are one of these people, then read on to know how this option could help you finally kick start that dream of having your very own place to come home to.
1.Understanding the concept of rent to own. This new way of obtaining a home is very much different from outright purchasing. With buying, you will need to fork out huge amounts of cash for the down-payments. But through this option, you will only need to put forward an option deposit amount. This serves as sort of your reservation fee which guarantees your opportunity to buy the home after the rental agreement expires. Should you decide to exercise your option to buy later, then you will get to pay a considerably lower amount. This is because the option deposit plus credits coming from the monthly lease payments are deducted from the total agreed price of the home.
2.Looking for the most trustworthy home seller. As with any search for a home to purchase or to lease to buy, everything starts out with looking for a seller of good standing. You can never discount the importance of this. You would not want to deal with one whos got encumbrances with the law. Such could cause you to lose the home in the end, without the possibilities of ever recouping all the money you have put in. Some interested buyers go through the search via the Internet, while others hunt for recommendations from friends and family. However you would like to go about it, just ensure that you can verify the reputation of the sellers you would like to deal with. If they are the homeowners, confirm that their selling of the home is legal. Find out their reasons for selling, and make sure they are not burdened with tax problems, child support payments, or lender debts. If they are realtors, ensure that they have valid and current licenses and permits.
3.Putting into order paperwork and other legal requirements. The lease to own option is much more lenient. You will directly be dealing with the homeowners here, not with banks or realtors. So the usual requirements of long employment, good credit scores, and satisfactory debt-to-income ratios will no longer be asked of you. Even self-employed individuals or new immigrants who have no verifiable incomes and credit histories can get a shot at home ownership through this option.
4.Preparing for moving in. Believe it or not, but you can actually move into your new home in as little as 30 days through the rent to own option. And the best thing about it is that you wont constantly have to look over your shoulder and worry about the owner interfering. Since you are effectively the new homeowner, then you have the right to make home improvements any time you like.
As was said, the option deposit you handed over at the outset of the lease to buy agreement is much like a reservation fee. So should you find any reasons for not wanting to push through with the deal, you can readily withdraw from purchasing the home at the end of the agreement. Sure, youll forfeit the option deposit for opting out. But given that you have finally established a good payment and rental history, which by the way, could help you further pursue home ownership, then the small investment should all be worth it in the end.
Based in Calgary, Alberta, Realty Express, Inc. promises to help every Canadian own a house through rent-to-own programs. Realty Express, Inc. is committed to deliver your house within two weeks. To learn more about Realty Express, Inc. amazing offers, please www.calgaryrenttoown.ca.