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Coastal Virginia News Articles

Read About Happenings In The Coastal Virginia Real Estate Market.

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05

Rent to Own - Good Idea or Bad Move?

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Rent to Own -  Good Idea or Bad Move?

Rent to own sounds like a good solution to some with little to put down or poor credit right? (WRONG)

The Choose A Home Team @ Howard Hanna Real Estate offers a free home buyer class. Programs available to assist people with little or no money down if your in a poor cash flow position. More importantly do you qualify for credit. We work with lenders who help with the credit repair process. 

When you enter into a rent to own contract more often than not the only party that benefits is the person selling the home. In most cases a portion of the rent  is held toward the purchase of the property and is non refundable if you do not buy that property. Example a place that might normally rent for $1000 a month would be $1200 and $200 of it would apply to purchase. Of coarse 1 year later the owner collected $2400 of your money and if you still do not qualify for a mortgage your out that money.

We at the Choose A Home Team encourage you weather your ready to buy a home now or not to sit in on one of our First Time Home Buyer Classes and plan for your future. Many websites are out there that make the Home Buying Process appear to be a simple do it yourself project. (It is by nature a very simple process but not if you do it yourself) Please take the time to meet with a member of our Team and learn the ropes of home ownership.

 

| Categories: Real Estate News and Tips | Tags: rent to own, Chesapeake, Virginia Beach | Return
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