Are you trying to find a rent to own house in Houston or all anywhere in Texas? Rent to own house deals are not hard to find if you know where to look. But these deals usually are the traditional or mainstream ways to buy or sell a home. What you will usually find are For sale by owners ( individuals selling their home) or a realtor that is trying to be the go-between.
Whether you choose to deal with a real estate agent (Realtor) or buy from an individual selling their home, a rent to own house may be a good solution for someone who is ready to buy a home but just doesn’t have the credit right yet or wants to try on ownership without the huge loan to start!
Advantages of a Rent to Own House Deal
If you are looking for a rent to own deal, you may want to consider the advantages and disadvantages of doing so first. Like living in the house to see if you would want to buy it. By get to know the house inside and out and get a feel for it first hand. By renting first, you can also walk away from the deal (with certain restrictions) if you decide it is not what you want.
You should read your contract carefully to see if there is an “opt-out” clause so that you can leave the contract if you choose to. If you have problems with such a deal, the contract will determine whether you are able to walk away from the real estate deal without a breach of contract.
In most cases, there is an opt-out clause that allows you to leave the deal if you are not happy after a specified period of time, as long as you realize that you will forfeit the money you paid into it. In these cases, the contract would amount to being equal to a rental agreement.
How to Purchase a Rent to Own Home
If you decide to purchase the home in Houston with a rent to own agreement. You have 1 to 3 years to fix your credit so you can get a loan of your own and own the house outright. Most times it doesn’t take long with the right help.
By trying out the house before purchasing you also have a chance to work out the financing by getting your credit up saving you a lot of money in lower interest rates. Usually, people who are selling their home in Houston under such a contract want to sell their house as quickly as they can. But they are willing to wait until you can afford to purchase the house in the best way for you. During the time you are renting, you should work on actively trying to get your credit rating and finances in the best shape possible so that you will have more options for when you decide to purchase the house!
Find a Rent to Own House in Houston
When trying to decide whether a rent to own house is the best deal for you, consider the following factors:
- What is your credit rating and finance options? If your credit rating is in good shape and your financial situation is good, you may not need to get into a rent to own deal. Because you have the option of buying outright with a low-interest rate. Most people who choose this option are doing so because they cannot go through the normal channels to purchase a home. Do too many different reasons that don’t make them unqualified to own a house but have to do it in an untraditional way.
- How sure are you that you want to buy the house? If you are not convinced that you like the house well enough to purchase it today, you can use the rental period to check it out further and make a decision later. just like going and renting the car you want for a week to see if it is what you really want it.
- Do you see it as a long-term contract or a short-term solution? For people who have traditionally been renters, having a rent to own term agreement is more comfortable and less unsettling then taking on a large amount of debt and responsibility of a house all at once.
- Do you currently own another house you are trying to sell? It’s important to plan carefully when dealing with real estate. It is a big decision and creates a large financial obligation. Rent to own home agreements can provide a way for someone digging out of debt to have a house that they can purchase later. If you own a home that you are trying to sell, rent to own houses can offer you a way to rent a house that you are considering purchasing without being under financial obligation until you sell your own house.
We know that buying or selling a house can be confusing. If you want a rent to own house in Houston, Texas
CALL ON US AT 832-210-3088 OR FILL OUT OUR QUICK FORM.
We can show you your options and help you find the perfect house for your needs.