In the time of financial difficulties and challenges, it is hard to own a home for some people, especially for first time buyers. Some people manage to buy big properties where as others give up their dreams of owning a home. However, if you are an optimistic person with a hope to have your own dream home then you can buy your own home by various options that are available in the market.
Way out of conventional property buying.
Rent to buy homes is a practical option if you cannot adhere to the strict mortgage requirements of buying a home. With a Rent to buy home; you can get on the property ladder before you qualify for the conventional mortgage. i.e. you rent your home on an Assured Short hold Tenacy and you get an option to buy your home at a fixed price at an agreed time. It is a beneficial and advantageous deal for owning a home. If you know how simple Rent to own homes process is, then you will be pleased to know that you can get on the property ladder sooner than you think.
You don’t need a bank to move into one of sMighty rent to buy homes. Rather you will lease your home and have an Option Agreement with the landlord, which gives you the right to buy your home at a future date. However, you will need a bank loan when you are ready to buy your home in future. Please note you have to buy your home within the set time which is mentioned in the agreement, which varies from 3 to 5 years. You need not worry about property prices rising as the purchase price is fixed, meaning you will buy your home at the price fixed while signing the agreement. Mean while, you have to keep paying your rent as per the agreement. Each time you pay your rent in full and on time, a portion of the rent will be credited towards the purchase price enabling you to build up equity in the property over a period of time.
Secure the best deal
Apart from government help to buy scheme rent to buy home is another practical opportunity to own a property with small down payment or buy your dream home.
Wise investment in rent to buy homes can crack you a good deal at fair price without any burden.
It is rightly said that “all that glitters is not gold”, so you have to be careful while going into any sort of rent to buy agreement. Watch the condition of the home. Do your calculations to find out whether you are signing a fair deal or not or if you can afford the monthly payment. Get your solicitor to look into every aspect of the agreement, check the clauses of the agreement and understand them carefully. Then make a final decision with the seller upon agreement.
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