Considering A Rent To Own?

If you’re interested in purchasing a home in the near future, but just aren’t quite ready financially, a rent to own may be for you!

While the terms can vary greatly, rent to own agreements typically involve a standard lease agreement, in addition to an agreement of sale date for the home to be purchased in the future — typically between six months and two years from the date of agreement. To ensure fairness for the seller, the buyer may be asked to provide a nonrefundable deposit to ensure that they are serious about a future purchase. Sometimes this nonrefundable can be substantial (often more than $5000), which may deter some buyers who don’t have a lot of extra cash. This deposit will typically not be returned if the buyer chooses not to purchase the home.

Rent to own can allow you to save money, build your credit score, or establish job security while living in your dream home. Plus, sellers typically welcome home inspections prior to you moving in, so you can ensure the condition of your new home.

Only a fraction of homes on the market are available for rent to own, but sometimes sellers are willing to consider it if there home isn’t selling as quickly as they’d like. If you are interested in renting-to-own, give us a call at 215-699-5555! We’d love to help.