Don’t Get Stuck With A Property You Can’t Sell – Offer Rent To Own Terms

You’ve just purchased the home 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. Buyers come along, but they don’t have enough cash saved up for a deposit, or their credit rating isn’t good enough. How will you ever sell this house?

For many, the rent-to-own property may be the best option. Also called a lease-to-own house, the process works similar to a automobile lease: Renters pay a certain amount each month to live in the house, and at the end of a set period generally inside three years they receive the option to buy the house. Each month of rent they pay is income for the vendor, while a percentage of it goes toward a down payment on eventually buying the home.

­­Both renters and sellers need to be very clear about the contract they mark up before they agree to this arrangement. Renting to own has advantages and disadvantages for both parties. Sellers who have already purchased a new house 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 buy 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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