Real Estate Explained | What is Rent to Own?
What’s rent to own?
The closest explanation we can give you is the concept of leasing a car. At the end of the lease (rental period), and you like the car during this period, you can proceed with purchasing the car.So you see it is the same thing with renting to own a home.
You can initially rent a Buffalo area home, enjoy it and by actually living in the property, you can determine the actual conditions of the Buffalo house prior to buying it. The benefit of the rent to own home arrangement is therefore a good way of investing in Buffalo real estate.This way you can test drive the community and you may reduce the amount you need for a down payment for the purchase.
The contract and agreement are more complicated, so it is best to speak with an attorney regarding the process before proceeding.Usually this arrangement sets a certain percentage of the rent to be considered as escrow towards fulfilling the down payment for the purchase of the Buffalo home.The buyer benefits from the contract only when he decides to purchase the property.If the buyer does not purchase, the seller has all the right to the accumulated amount paid as rental. The buyer is not entitled to any of the money.
Affordable WNY homes for sale
Since rent to own homes are few and far between, it is best to get your finances in order and purchase a home at the start. here are some very affordable home available here in Western New York:
For more information call Colleen Kulikowski
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
What about one of these homes?
All Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2014 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.