Don’t Get Stuck With a Home You Can’t Sell – Offer Rent To Own Terms

You’ve just bought the home of your dreams, signed the contract and packed the moving van and you’re all set, right? Not if you haven’t sold your current home first. So you place it on the market and you wait. And wait. And wait. Buyers come along, but they don’t have adequate money saved up for a deposit, or their credit rating isn’t good enough. How will you ever sell this house?

For some, the rent-to-own home may be the best alternative. Likewise named a lease-to-own home, the process works similar to a automobile lease: Renters pay a certain sum each month to live in the house, and at the end of a set period generally within five years they receive the option to buy the house. Each month of rent they pay is income for the vendor, while a part of it goes toward a down payment on finally buying the home.

­­Both renters and vendors want to be really clear about the contract they draw up before they agree to this arrangement. Renting to own has advantages and disadvantages for both parties. Sellers who have already purchased a new home will have relief from paying two mortgage payments at once, and in a slow housing market with many properties for sale, this may be their best option. Buyers who can’t yet afford a house may be able to buy one more quickly.

Visit www.DIYRentToBuyHouses.com.au to read how Dallas & Kerrie Kelso can show anyone how to setup their own Rent To Own deal without involving the overpriced Rent To Own Investor middleman.