It’s no secret that purchasing a home can be a daunting task for many. From the initial saving for a down payment to completing the necessary paperwork, the process of obtaining a decent mortgage can be quite involved.
While buying a house can be an intricate process, there are undeniable benefits to owning your own home. To begin with, having ownership of your own place means that you are building equity and paying monthly for something that builds equity. That is, the money you pay for your home mortgage each month isn’t completely lost.
Furthermore, purchasing your own place gives you the creative freedom to paint, renovate, and build onto the structure as you see fit. Owning a home means there are no landlords telling you what you can and cannot do within your own living space.
Although purchasing a home has many more benefits than renting, there are quite a few factors that can hold someone back from taking the leap. Whether you need time to rebuild your credit or you would like to save more for a down payment, these criteria do not have to prevent you from living in your dream home.
Now, you don’t have to wait for your finances to align perfectly to reside in the home that you want to purchase one day. There is a new and innovative program that provides people the ability to rent a home before they purchase.
Renting to own is not a new concept; however, this process has gained an unsavory reputation in recent years. Now, there is a company putting a new age spin on the old concept of renting to own. Instead of renting to own straight from a homeowner, homebuyers can now rent from a reliable company.
On top of that, this company is ready to help you in your journey to homeownership by providing guidance on topics such as saving for a down payment and credit recovery. Have you been thinking about purchasing a home but are not in a place to do so yet? Check out this new spin on renting to own your own home!
Why Renting to Own is Better
While the benefits of owning a home over renting are undeniable, there is something to be said about waiting until you are fully financially ready. The more you can put towards a down payment often means the less you have to pay in additional fees and interest.
As stated by Experian, “For a conventional mortgage, traditional wisdom says to save up 20% of a home’s purchase price for a down payment. A down payment of that size reduces interest costs and means you won’t have to pay for a mortgage insurance policy that covers the lender if you are unable to keep up with loan payments.” This leads us to our first point of why renting to own is a great option.
You Can Buy Once You’re Prepared.
Renting to own from a supportive company will give you the time you need to financially prepare for your first home. In addition to saving for a down payment, many people feel more comfortable going into homeownership with an emergency savings. Renting your home now with the idea of purchasing later can give you the time you need.
You’ll Be Living In Your Future Home.
You’ll have the best of all worlds with this option, as while you’re “renting” your future home, you’ll be putting money aside for its purchase at a future date. This is amazing because you can test out living in a home before you commit to buying it! In addition, if you decide to purchase the home, you won’t have to arrange a big moving day since you will already be living there.
You Can Walk Away.
There are many reasons that can lead an individual or family to be unsure if they will be living in the same area within the next one, two, or even five years. Renting to own can give you the option to begin moving towards purchasing a home without committing fully just yet. In the end, you don’t have to purchase the home if you decide against it.
How to Get Started
Are you interested in learning more about the new renting-to-own process? Fortunately, the path to renting to own is much more simple than the process of applying for and obtaining a mortgage! Contact Matt Braun for more information about how to rent to own your dream home. You may also reach out to him directly through email at [email protected]