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The truth about rent to own

The Truth About Rent To Own

“Rent to own” is a common term nowadays and most people are aware of it. Firms like Prime Time and Rent A Center have made a fortune out with rent to own products. In most cases the buyer will be paying much higher than what the product costs. People with bad credit have no other choice but to go through them. But others do not like this method. This is true in the case of homes also, especially so if you go the “rent to own” route.

“Rent to own” could be a good deal for a very short period of time. But it could lighten your wallet significantly when you buy some thing for yourself to keep. As the buyer has to pay only a reasonable amount every week, rent to own products could be very tempting for you. The companies make good money out of all the dollars getting paid every week. Even if you are paying only like 20 dollars or so a month, that will add up quickly over the period to double the original cost of the product.

You will be paying the associated sales tax along with the rent. In a way similar to rent to own products, real estate has its negative points as well. For those with poor credit, rent to own sounds like a great deal, but over the payment period the buyer is going to pay much more than what he would have paid with a regular mortgage. Even in case of a mortgage also, you need to pay the loan amount, but it will be much lower than what you pay for purchasing a rent to own home.

Most of the available rent to own homes are listed by the owner himself. Thus the buyer has a chance to make the deal directly with the owner. Renting out the house is the initial part of the deal. Later you can choose to keep the house by agreeing to a rent to lease contract. The buyer and the seller will have to come to an agreement on the duration of the rent to own deal. There are some reasonable owners who will let you decide the years as per your wish as long as they get the money. There are other sellers who will try to get the maximum profit out of you.

If you are not able to get any mortgage due to your poor credit history, then your only remaining good option is rent to own. Some people do not like the high cost associated with rent to own homes; while others consider it to be a lesser evil when compared with renting an apartment. Payment to rent to own homes can be considered as a payment to get an asset, a home, rather than paying only the rent. This could be a good deal for some persons. But you must make sure your contract is a reasonable one by discussing with the buyer even before you commit to the rent to own deal. You should be aware of the burden you will be pulling and how long you will have to do it.

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