FAQ

Help Me Understand What Does Rent-To-Own Actually Mean

A rent to own agreement is a contract on a property that works like a rental agreement and leads to a purchase. The rental portion is a standard rental agreement that includes monthly rent, security deposit, and other typical terms. 

The option in the contract gives you the right to purchase the property after a set time period, usually around 3 years. This gives you the time to repair your credit while making on time monthly payments which increases your chance to qualify for a home loan prior to the expiration of the option period

What is The Rent-To-Own Process?

Once you choose the rent-to-own home you’re interested in, our realtor will give you a standard rental application to fill out. After you’re approved to rent the property, just sign the lease, pay your security deposit and rent – then move on in! 

Your rent-to-own- agreement will spell out the length of time that you have to complete the purchase of the property – typically 3 years, but in certain circumstances we may extend your option if you need more time. The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances. 

That’s the process! 

Once you’ve completed your mortgage, you’re done – now you own your home!

Do Appliances & Furniture Come With A Rent-To-Own?

Furniture isn’t usually included with rent-to-own. Generally, the basic appliances are there – like a refrigerator, stove, oven, and sometimes extras, like a dishwasher, a washer and a dryer. Parts of a property that are installed or attached – like the heating system and air conditioning – are definitely included.  Sometimes, we’ll offer a property that includes some furnishings. 

Most buyers want to bring their own stuff with them from their previous home, and that’s why furniture is sold separately. There are many companies out there that provide a rent-to-own service for furniture or extra appliances, and you’ll get lots of choices on styles and types. But be careful! Even though rent-to-own real estate can be a great deal, some (not-so-honest) furniture companies will charge you huge amounts for a rent-to-own agreement. 

You might end up paying 2-3x more for these products than if you bought them outright.  Plus, those appliances will probably go down in value – unlike real estate, which usually goes up in value.  Of course, you want your money to be going to an asset (like your home) that will rise in value, not expensive interest payments on new furniture. So don’t wait! Fill out the form at the bottom of this page to get started now.

Is There A Down Payment On A Rent To Own Home?

As part of a rent-to-own agreement, a one-time, non-refundable fee is required. This fee is applied to the purchase price when you buy the property. Just like any other lease agreement, a security deposit and a small application fee will also be required.

What Are The Requirements Of A Rent To Own Arrangement?

Once you’ve had a chance to check out the house you’re interested in, you’ll fill out a rental application that will include detailed information on everyone living in the home. We’ll conduct a credit check and verify the income(s) for everyone over 18 who is living in your household to confirm that you’ll be able to make your monthly payment. 

People with bad credit, no credit, limited cash available, and other financial situations have all been able to rent then purchase their dream home. We’ll speak with your references and previous landlords, because relationships matter to us more than just number on a computer.

Rent-to-Own Homes: Your Journey to Homeownership Starts Here! 

Click the button below to to find your dream home today!