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Finding a Rent-to-Own Home

by | Sep 21, 2022 | Uncategorized

Though you may not yet be able to afford to buy a home outright, you can still possibly find the home of your dreams. As paying rent is often one of the biggest monthly expenses, it can be difficult to save money while also renting a place to live. If any of this is true for you, then a rent-to-own home might just be the right choice for you.

Find the Perfect Rent to Own Home

Though this type of lease may be what you are looking for, rent-to-own homes make up only a small percentage of what is available on the market. Read on to find our eight tips for making sure that you can rest a little easier as you search for your new rent-to-own home.

  • The Right Place to Look

Most sellers would rather sell high than become a landlord with a potential sale eventually pending down the road. Try looking in slower markets or smaller towns instead of a place with a hot market. Make a list of criteria you are willing to comprise on, at least for the immediate future. For example, if you do not have children that attend school, look for an area with a lower-rated school district.

  • Find the Right Agent

Hire a real estate agent who specifically has experience with rent-to-own leases. Your agent should not only be able to help you find good properties but will also be able to help you navigate the signing of the agreement itself.

  • Investment Firms

Some investment firms purchase homes in order to specifically offer them as rent-to-own properties. This may be a more expensive option, but these firms often are also able to offer homes in more desirable markets.

  • Contact the Seller Directly

Typically when a property is listed as rent-to-own, it is because the home has been on the market for a longer period of time. If a seller isn’t able to find a buyer for their property, they may be willing to agree to a rent-to-own contract. This is another place where an experienced real estate agent could be beneficial, as they can contact these sellers on your behalf.

  • Locate a Landlord Willing to Sell

Some homeowners become landlords simply because they aren’t able to sell the property. Offering to sign a rent-to-own contract is an arrangement that may make both of you happy. As the home could one day be yours, consider offering to make repairs and upgrades while you rent.

  • Find Pre-Foreclosures

Once the foreclosure process has begun on a property, you cannot enter into a rent-to-own lease. However, you could contact sellers who are facing this process and make them an offer of signing a contract.

  • Family and Friends

If somebody that you know is selling a home, reach out to them and see if they would be willing to sign such a lease with you. Make certain that you still get everything in writing, as doing business with friends and family can sometimes put stress on those relationships.

  • Be Diligent

Even more so than traditional real estate contracts, rent-to-own agreements can be complicated to navigate. Seriously consider hiring a broker or lawyer to look over the lease before you sign it. Protecting yourself and your credit is crucial on your path toward finding your new home.

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