You’ve just purchased the place of your dreams, signed the contract and packed the moving van and you’re all set, right? Not if you haven’t sold your current dwelling first. So you place it on the market and you wait. And wait. And wait. Purchasers come along, but they don’t have adequate money saved up for a deposit, or their credit isn’t good enough. How will you ever sell this house?
For many, the rent-to-own home may be the best alternative. Also named a lease-to-own property, the method operates similar to a auto lease: Renters pay a certain sum every month to live in the house, and at the end of a set period generally inside 5 years they have the choice to buy the house. Every month of rent they pay is income for the vendor, while a part of it goes toward a down payment on finally purchasing the home.
Both tenants and sellers need to be really clear about the contract they write up before they agree to this arrangement. Renting to own has rewards and disadvantages for both parties. Vendors who have already purchased a new home will have relief from paying two mortgage payments at once, and in a slow housing market with many houses for sale, this may be their best option. Buyers who can’t yet afford a house may be able to obtain one more quickly.
Visit www.DIYRentToBuyHouses.com.au to read how Dallas & Kerrie Kelso can show anyone how to setup their own Rent To Own deal without involving the overpriced Rent To Own Investor middleman.
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