When purchasing a rent-to-own home, you’ll find that there are a lot of advantages to you (the buyer) of having a rent-to-own agreement. Below are 7 advantages for the buyer in a rent-to-own contract:

one.) Rent to own exceeds the traditional non-private apartment setting. When most people think of renting, an apartment usually comes to mind. When you’re looking for a rent-to-own home, there’s so much more freedom because you’re not stuck with an apartment without a garden. These transactions are usually in townhouses, condominiums or houses. The luxury is that you have a little more freedom to choose something you wouldn’t mind spending the rest of your days on. Some homes have swimming pools, beautiful manicured lawns, and many times you’ll have full access to all the amenities if the home of your choice is located in a community or subdivision.

two.) Build up money for a down payment and credit while living in the home of your dreams. Since mortgage companies and banks are tightening lending and not many people have a 20 or 30 percent down payment, renting a home to own allows you to work on both your credit and your down payment money. You no longer have to wait for someone to move into your dream home because of credit and money.

3.) The purchase option belongs to the buyer. If the market changes, the buyer can change with it. When the term of the contract ends, it is up to the buyer to decide whether or not he wants to buy the house. Although the option deposit made at the beginning of the transaction is non-refundable, it may be better to find another home to purchase because the real estate market may have changed for the better.

4.) Even if a buyer doesn’t qualify for a conventional mortgage, they can still live in a home. Let’s face it, the lending market is tough right now, and it’s probably going to be even tougher. Looking for a rent-to-own home allows you a much better way to qualify than traditional mortgages. Everyone needs a place to rest at night.

5.) The properties are usually in much better condition than traditional rentals. This is a big one. Have you ever walked into a house that she was going to rent and saw that a cardboard box might be a better place to rest? Most houses on the rent-to-own market are in spectacular shape. Some are houses that could not be sold traditionally. This leaves you with a large inventory of nice houses to choose from.

6.) You don’t have to move twice. Find the home you want, stick to the deal, and never have to move again. Keep building your credit and your money. When the lease option time runs out, you should be in a much better position to buy.

7.) Buyers don’t have to wait long to move in. The houses are usually ready to move in. Since many of these homes have been on the market for a while, they are move-in ready. Homeowners often clean their homes thoroughly and thoroughly inspect them before putting them on the market, which in turn means you’ll have to wait to move.

With the economy changing so drastically, people are turning to alternatives other than the traditional way of buying a home. Renting own homes is becoming a growing trend across the country due to these changes. Keep in mind that there are many advantages to buying a rent-to-own home.