Why Rent-to-Own is Bad for Buyers and What to Do Instead
AuthorAmanda Dodge. Date:
If you are trying to buy a house but don’t have a large downpayment, you might consider entering into a rent-to-own agreement. With this option, you will rent a property for a year, and a portion of your rent check will go toward a down payment. After the rental period ends, you will buy the house. At first, the concept of a rent-to-own property might seem appealing. You can finally move into your dream home and work toward homeownership, even if you can’t buy just yet. However, these contracts aren’t always beneficial to the renter. You could lose more money by opting for a rent-to-own home instead of simply renting for a year or buying right now. Here’s why rent-to-own is bad for some buyers, along with alternative options to consider. Why Rent-to-Own Can Be a Bad Option for Some Buyers Before you agree to a rent-to-own agreement, make sure … Continued
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