How to Find a Rent To Own House in Quakertown and Surrounding Areas

find a rent to own house in Quakertown and Surrounding Areas

Are you trying to find a rent to own house in your Quakertown and Surrounding Areas or ? Rent to own house deals are not hard to find if you know where to look. But these deals are not the mainstream type of real estate deal when you are looking for a home. What you will usually find are either real estate transactions between an individual buyer and a seller or real estate transactions with a real estate agent as a go-between.

Whether you choose to deal with a real estate agent or buy from an individual home seller, a rent to own house may be a good solution for someone who is not quite sure they want to purchase a home but they want to try it out first to see how they like it while working out the financing.

Advantages of a Rent to Own House Deal

If you are looking for a rent to own deal, you may want to consider the advantages and disadvantages of doing so first. If you rent first, you will see if you really like the home enough to buy it. You can get to know the house inside and out and get a feel for it first hand. By renting first, you can also walk away from the deal (with certain restrictions) if you decide it is not what you want.

You should read your contract carefully to see if there is an “opt-out” clause so that you can leave the contract if you choose to. If you have problems with such a deal, the contract will determine whether you are able to walk away from the real estate deal without a breach of contract.

Opt-Out Clauses

In most cases, there is an opt-out clause that allows you to leave the deal if you are not happy after a specified period of time, as long as you realize that you will forfeit the money you paid into it. In these cases, the contract would amount to being equal to a rental agreement.

How to Purchase a Rent to Own Home

If you decide to purchase the home in Quakertown and Surrounding Areas, you must stay with the terms of the contract until the house is paid in full. Once you pay the final “rental payment” and any other fees charged by the original agreement, the house is yours as if you bought it outright.

By trying out the house before purchasing you also have a chance to work out the financing to purchase early if you choose to. Usually, people who are selling their home in under such a contract want to sell their house as quickly as they can. But they are willing to wait until you can afford to purchase to do so. During the time you are renting, you should work on actively trying to get your credit rating and finances in the best shape possible so that you will have more options if you decide to purchase early.

Find a Rent to Own House in Quakertown and Surrounding Areas

When trying to decide whether a rent to own house is the best deal for you, consider the following factors:

  1. What is your credit rating and finance options? If your credit rating is in good shape and your financial situation is good, you may not need to get into a rent to own deal because you have the option of buying outright. Most people who choose this option are doing so because they cannot go through the normal channels to purchase a home.
  2. How sure are you that you want to buy the house? If you are not convinced that you like the house well enough to purchase it today, you can use the rental period to check it out further and make a decision later.
  3. Do you see it as a long-term contract or a short-term solution? For people who have traditionally been renters, having a rent to own term agreement is more comfortable and less unsettling than going into debt for a home.
  4. Do you currently own another house you are trying to sell? It’s important to plan carefully when dealing with real estate. It is a big decision and creates a large financial obligation. Rent to own home agreements can provide a way for someone digging out of debt to have a house that they can purchase later. If you own a home that you are trying to sell, rent to own houses offer you a way to rent a house that you are considering purchasing without being under financial obligation until you sell your own house.

We know that buying or selling a house can be confusing. If you want a rent to own house in Quakertown and Surrounding Areas,

CALL ON US AT 610-200-5544 OR FILL OUT OUR QUICK FORM.

We can show you your options and help you find the perfect house for your needs.

Rent to Own In Quakertown and Surrounding Areas Real Estate Market Is A Win-Win

rent to own in Quakertown and Surrounding Areas

Rent to own in Quakertown and Surrounding Areas is a perfect solution in a soft real estate market for someone wanting to buy a house.

A Typical Rent to Own Scenario

It starts with a seller who knows he wants to sell a property he is no longer living in. He also realizes the market just took a hit and he really doesn’t want to get less than what he thinks he could three to five years from now.

Said seller, we’ll call him John, says to himself, “Wouldn’t it be great if I could have someone in the house right now paying the bills and I get to lock in a 15% price increase to sell it five years from now. Then I can move in with my daughter and fish with my grandson.”

Well, John, you can. It’s called rent-to own.

Now that is the seller’s idea. But what about the buyer? Why would anyone want to gamble on paying more than a property might be worth in the future?

Enter our buyer, Sally.

She wants to buy a house. Sally is thinking, “My divorce cost so much in court fees, I’d really love to get my daughter and me into a wonderful neighborhood and not have to move a couple times. I just can’t afford a down payment right now. It would be great to find a house that lets me rent it until I can finalize a loan on my own.”

The Relationship of Need and Want

Sally meet John. This is the start of a beautiful rent to own relationship.

Both parties have a reason to not pull the trigger today. John’s is money; he wants more of it. Sally has a strong desire to buy and has enough income to pay the monthly obligation, but other components of her financial situation don’t make her an ideal candidate for a traditional home mortgage.

The Rules of Rent to Own in Quakertown and Surrounding Areas

The beautiful thing about rent to own rules is that they are completely negotiable. There are some standard components to follow. But the dollars are not set in stone by any template.

So Sally and John meet. Sally knows that homes in the area are selling today for $250,000. She can afford $1,300 monthly rent with her job and child support but she doesn’t have even a low 3.5% for a down payment. While she can’t come up with $8,750, she can get $3,500 for an option to purchase the house.

John is actually okay with this as long as he knows the rent and expenses are paid on the house and he will get $287,500 when the sale actually happens. The rent will have a 25% purchase fee so instead of $1,300 per month and quarterly maintenance fees of $200. Sally will have to pay $1,625 every month plus and additional $800 yearly to rent with the option to own.

Sally thinks about this, realizing she will save time and money on moving twice. Her daughter will be in the school she loves and Sally expects her job will promote her in six months giving her more to save toward the eventual purchase.

Win-Win for Everyone

She is building equity before she even owns the property and gets to enjoy living there in the meantime, making it home. If for any reason during the option period, Sally feels she doesn’t want to live there, she can walk away from the deal. Of course, she can’t think of anything that would cause her to want to move away, but you never know and it’s nice to have the option.

John is happy because he knows he’ll get the property price he really wants. If the housing market booms in the next few years, growing 20 percent, he might kick himself. But this is the one gamble he takes. If Sally walks away from the option or can’t refinance, his expenses have been paid, he keeps the option money and sells the house.

Plus he likes Sally and her girl and hopes they have the same happiness and success that he and his family did in the home. Sometimes, it’s nice to pay it forward in a way that everyone wins.

If you need more information on the rent to own option of buying or selling,

Give us a call at 610-200-5544 or fill out our online form now!

Tips on Selling a Rent to Own House in Quakertown and Surrounding Areas Fast

selling a rent to own house

Are you planning to move soon or relocating to another area and need to sell your home fast? Sometimes it just takes looking at something from another perspective. Selling a house with a rent to own arrangement may be a solution if you cannot sell your home fast enough the traditional way.

Why Sell with a Rent To Own Contract?

If you need to sell your home fast, selling a rent to own house is sometimes easier than selling directly with a traditional sales transaction because it opens the door to more buyers. Some buyers do not have the credit rating or financial standing or resources to borrow money or get financing from a bank. Offering a rent to own contract gives them more options to purchase where they do not have to commit to immediate purchase.

Another reason you may want to consider this option is that it allows you to purchase your home back from the renter if they decide not to purchase or if you decide not to relocate after all. A rent to own contract is actually a rental agreement or a lease with an “option to buy.” This means that it is treated like a rental agreement until the person decides to purchase the house in full. This buys some time for both you and the buyer to try out the deal to see if it fits.

What is Special About a Rent To Own House?

Some people think that there is something unique about a rent to own house that is not present in other types of houses. Actually, it is not the house that makes the deal unique. The contract is the difference. You can take any house that you previously had on the market and turn it into a “rent to own” house simply by changing the terms of the contract.

This means that you may try to sell your home using traditional methods.  But, if you are unsuccessful, simply tell your real estate agent that you want to add a rent to own arrangement as an option for the buyer.

People who don’t have the best credit may be attracted to such a deal because it gives them a way to purchase a home with a no-risk contract that makes them feel more comfortable to take the plunge.

Tips for Selling a Rent To Own House

If you have a house you’ve decided to sell with a rent to own contract, here are a few tips to keep in mind that might make it more successful.

  • Focus on the house first. When trying to sell a home, you should always focus on the house first. Don’t talk money until you establish that the buyer is interested and when you believe it would be a positive transaction for both of you.
  • Ask them what they want. It’s always a good idea to find out what it is that your buyer wants to accomplish from the deal. By asking them what they want, you may be able to find out whether they are in it for the long-term and plan on purchasing the house or if they are just looking for a rental agreement.
  • Find out what they can afford to pay. If you need to sell fast, you’ll need to find out how much your buyer can afford to pay. When you are ready to talk money, ask them what they can afford and work from there. If you mention the amount first and it’s too much for them to afford, you may lose the potential buyer over cost.
  • Save the rent to own option for last. Remember that if you are the seller in a rent to own deal, your primary goal is to sell your house. Ask them if they can work out the financing first to purchase the house outright. Then offer the rent to own option as a last resort if they cannot work out the traditional bank financing.

Rent To Own in Quakertown and Surrounding Areas

When you are selling a rent to own house in Quakertown and Surrounding Areas, you should try to find out what the buyer wants and how you can come to an amicable arrangement that will be mutually beneficial. Selling a home outright will always be preferable if you need to sell fast. But a rent to own agreement can work fine if you need the rent money while you are waiting to see if they will purchase.

If you need help selling a rent to own home,

Call Us at 610-200-5544 or fill out our form.

Whether you want to buy or sell, purchase or rent, we can help!

[Nontraditional Buyers Method] Rent To Own Your Home In Quakertown and Surrounding Areas

Rent To Own Your Home in Quakertown and Surrounding Areas

The rent to own market is one that can benefit both the buyer and the seller in the right transaction. Having a clear contract and understanding of terms helps mitigate risk on both sides of the equation.

The Basics of Rent to Own Your Home in Quakertown and Surrounding Areas

Today’s lending market has a loan for just about everyone. However, there are consumers who don’t fit into the traditional lender’s guideline book. It might be for a variety of reasons but often has to do with not having enough of a down payment. The rent to own model allows a renter to pay a comparable price as they would if actually renting while accumulating the down payment. This is all done while living in the home they want to buy.

Seller’s Benefit

It may not seem like there is much for a seller to benefit from a rent to own scenario. After all, who doesn’t want to liquidate the home and take their profits and move on, literally? There is a group of sellers out there who aren’t in a rush for the funding and see it as an opportunity to ensure a higher sale price.

Sellers may continue to take advantage of property tax deductions and perhaps mortgage interest. If for any reason the buyers balk on the deal, the seller had income for the property for the duration the buyers were in the property.

Nicer Rental with Caring Upkeep

Both parties win when it comes to property condition on rent to own properties. Renters are usually looking at nicer homes compared to most rental market dwellings in the same price range. On the other side, the seller now has renters with a vested interest in the property to help maintain and care for it.

Elements of the Agreement

There are four basic elements to the rent to own contract: the option money, the purchase price, the rent and the maintenance fees.

  1. The option money is like a good faith deposit when buying a home traditionally except it isn’t refundable in a rent to own scenario. This is money given to the seller that allows the buyer the option to buy the home later. This option expires if not used. The sellers typically keep the option money.
  2. The purchase price is the amount the buyer will pay for the home once they execute the option to buy. Negotiating this price is tricky because it needs to consider the future value of the home. It can be hard to know if the housing market will be higher or even lower. The buyer may decide if the market drops to walk away from their option or try to renegotiate. Sellers will look to negotiate higher prices compared to the current market price.
  3. The rent is the monthly obligation while in the option period. While rent is usually higher than typical rent, a portion is credited toward the purchase price in the home. This might be 25 % of every rent check.
  4. Maintenance is an option the seller can include. This would be an additional fee to pay property taxes, repairs, and general home maintenance.

Should You Rent to Own Your Home in Quakertown and Surrounding Areas?

While rent to own isn’t for everyone, it is a good option when a buyer and seller both see the value in the arrangement. The buyers get time to fix issues preventing financing today but still get the property. The sellers get option money with the potential of a future higher value sales price.

Buyers need to work diligently to execute the option and be prepared to qualify for a traditional loan by the time the option is due. Check credit and talk to a lender early in the rent to own process so you can establish the right elements of credit and income to qualify for a loan that buys out the seller at the option execution.

If you’re looking for more information about rent to own properties, we can help.

Give us a call at 610-200-5544 or fill out our online form today!

Houses For Rent By Owner In Quakertown and Surrounding Areas – 4 Reasons Why Rent-to-Own Is Better

If you’re looking for houses for rent by owner in Quakertown and Surrounding Areas, have you considered rent to own?

Rent-to-own gives you the best of both worlds… and you don’t need amazing credit to do it!

Given the choice between renting and rent-to-own, we believe that rent-to-own is often a better choice. In this blog post, we’ll look at the 4 reasons why rent-to-own is a great way to buy a house… even if your credit isn’t perfect. If you’re looking at houses for rent by owner in Quakertown and Surrounding Areas then you may want to expand your search to consider rent-to-own options…

Owning a home is part of the American Dream… but it’s also very expensive. Many people are forced to rent, putting money into their landlord’s pocket while struggling to get ahead. Wouldn’t it be nice if you could “rent your way to home ownership?” You can. It’s called “rent to own” and it’s growing in popularity.

It works like this: rents from a property owner, just like normal. But their agreement is often a multi-year agreement in which they agree to purchase the house at the end of the rental term. Keep reading to discover 5 reasons why this is SO powerful…

If you want to know more about rent-to-own, or about houses for rent by owner in Quakertown and Surrounding Areas, simply click here to fill out the form or call us at 610-200-5544 and we’ll make sure you have all the info you need.

5 Tips About Rent To Own Houses For Rent By Owner In Quakertown and Surrounding Areas

Rent To Own Tip #1
It’s pretty easy to qualify. Unlike buying a house (which requires a high credit score and down payment), a rent to own property starts off as a rental. There might be other qualifications required but, in general, it’s a much easier way to qualify to buy a house.

Rent To Own Tip #2
You can buy a house with bad credit and you have a chance to fix your credit! A rent-to-own agreement doesn’t always require perfect credit, but it does give you a chance to establish yourself and fix up your credit so that, by the time you’re ready to make the purchase, you may be able to qualify for a mortgage.

Rent To Own Tip #3
You can “try out” homeownership before you actually buy. Some renters are surprised by the difference between renting and owning. But a rent-to-own agreement gives you the ability to try out home ownership first to understand what it’s really all about without having to first get a mortgage!

Rent To Own Tip #4
You put down roots. One of the biggest complaints of renters is that they feel like they don’t have a permanent place. They’re stuck in year-to-year rental agreements and don’t feel like they have a permanent home. But rent to own agreements in houses for rent by owner in Quakertown and Surrounding Areas, you AND the owner know you’re in it for the long haul because you plan to buy the house.

Summary

If you’re looking for houses for rent by owner in Quakertown and Surrounding Areas, you should broaden your search and start thinking about rent to own properties, too. This is a simple strategy to help you get into a permanent home sooner, and you don’t need perfect credit or a huge down payment to make it happen!

Want to learn more about how rent to own works? Click here now and fill out the form or call us at 610-200-5544

Rent To Own Houses In Quakertown and Surrounding Areas – How Does It Work?

Curious to know more about rent to own houses in Quakertown and Surrounding Areas?

Keep reading to find out how they work and to know whether rent to own is right for you

Most people think of renting a house or owning a house… but few realize there is an amazing “middle ground” – rent to own houses in Quakertown and Surrounding Areas – that gives you the best of both worlds. In this blog post, you’ll read about what it means to rent-to-own and how it works.

Renting: When you rent, you pay the landlord for a place to live. As long as your rent is paid, you have a place to live.

Owning: When you own, you take out a mortgage from the bank and they give the money to the seller. You pay the bank back for their loan.

Both of these have advantages and disadvantages. But right in the middle is a great way for aspiring homeowners to get into the house of their dreams – through rent to own houses in Quakertown and Surrounding Areas. Here’s how it works…

First, you find someone who does rent to own houses in Quakertown and Surrounding Areas.

Second, you make an agreement with them to rent their house for a period of time (the length of time is determined between you and the owner, and it might be a few months or a few years).

Third, you rent until the rental period is complete and then you purchase the house for an amount you and the seller agree upon.

Click here to learn more about rent to own houses in Quakertown and Surrounding Areas and how we can help. Or, give us a call at 610-200-5544

  • Renting to own allows you to get into a permanent home sooner than renting the traditional way (renting one place and then buying a different place).
  • The period of the rental also gives you time to fix up your credit if it’s not in perfect shape, so that you’ll have good credit by the time you need to get a mortgage.
  • And, renting to own sometimes offers alternatives to saving up a huge down payment (for example, some of your rental payments may go toward a down payment so you’ll have less to pay when it comes time to pay a down payment – this varies, though, between each rent to own houses in Quakertown and Surrounding Areas).

Rent to own houses in Quakertown and Surrounding Areas is a great way to find a permanent place to live for the long-term, and to get into a house without the high cost of down payments… even if your credit isn’t perfect right now.

Want to see how we can help you? Want to see what rent to own houses in Quakertown and Surrounding Areas are available for you? Click here to fill out the form or call our office at 610-200-5544

Rent To Own Real Estate In Quakertown and Surrounding Areas – What If I Have Bad Credit Or No Credit?

Looking for rent-to-own real estate in Quakertown and Surrounding Areas?

The good news is – with rent-to-own, you can still live in a great, permanent home even if you have bad credit or no credit.

Rent to own real estate in Quakertown and Surrounding Areas is quickly becoming a popular way to get into the house of your dreams even if your credit isn’t perfect right now. We’ll show you how it works in this blog post…

Renting and owning are the two most common methods of acquiring accommodation: With renting, you pay (usually monthly) and it’s short term… you don’t actually OWN anything. With owning, you pay back a mortgage loan and it’s long term… you actually OWN your house. There are advantages to both, and disadvantages too.

There’s a third option, which is great for people with bad credit or no credit: If you’re renting right now and want to own your own home, you might feel that you are prohibited because of your credit but rent to own real estate in Quakertown and Surrounding Areas PA is the solution.

By renting to own, you move into a house, pay rent for a period of time, and then purchase that house at the end of the rental period.

Have questions about rent to own real estate in Quakertown and Surrounding Areas? We can help. Click here to fill out the form or give us a call at 610-200-5544

Here’s How To Rent To Own in Quakertown and Surrounding Areas (Even With Bad Credit)

By renting the house first, you get into your permanent dwelling in a credit-friendly way. Sometimes (depending on the situation), some of your rental payment may go toward the down payment or some other benefit – this varies from one property owner to the next.

While you rent, you have time to work on your credit: you’ve got a permanent address and you can work toward improving your credit.

As the rental agreement draws near the end, you use your good credit to apply for a mortgage from a bank, and then you own the house.

The details may vary from one property owner to the next but these are the general concepts involved with rent to own real estate in Quakertown and Surrounding Areas.

There are really great benefits to you: You get into your permanent “dream home” sooner, even though you may not have the credit or down payment right away. And then you have a permanent address that you can use to help you improve your credit, with enough time to really turn your credit around and get a bank loan.

If you’re renting right now and want to own your home someday, rent to own might be the right choice for you.

Want to see what we have available for rent to own real estate in Quakertown and Surrounding Areas? Click here to fill out the form or call us at 610-200-5544

Pros and Cons of Rent to Own Housing In Quakertown and Surrounding Areas

Home Ownership Trends Are Shifting… Keep Reading To Find Out How They Might Make Owning A Home In Quakertown and Surrounding Areas Even Easier…

Credit-score-based mortgages… they were once the primary way of buying a house… but these traditional methods of purchasing a home are becoming less common than in decades past. The American Dream is shifting and the concept of home ownership (while still strong) is evolving…

As banks become tighter with their loan approval process, and as Americans are still digging out of the recession (and possibly any credit problems they may have fell into during the recession), many are turning to alternative means of purchasing a home

… perhaps because they don’t have the credit, maybe because they don’t trust banks anymore, or even because they are learning that there are other ways to buy.

Renting apartments and houses has increased dramatically in recent years… and renting-to-own a house (or Lease Option as many people call it) has become a popular way for families to buy a local Quakertown and Surrounding Areas PA house directly from a seller (after a rental period that usually lasts 12-24 months), without the stringent qualification process offered by banks.

There are many pros and cons of rent to own housing in Quakertown and Surrounding Areas PA, which we will outline in this article.

Remember to read each detail of any contract that you sign, and consult with a financial advisor or rent-to-own expert if you have any questions, or if any part of the process is confusing to you.

Pros of Rent to Own Housing in Quakertown and Surrounding Areas PA —  Why It Can Be A Better Option

Easier Qualification

The largest hurdle to home ownership is usually qualifying for a loan for the house.

Lenders have become more and more stringent with income and asset requirements to approve a loan since the recession, and with the current state of the economy, many Americans just cannot meet these unrealistic expectations. In a rent-to-own situation, the seller can determine the guidelines of approving the contract, and is often much more reasonable than traditional banks.

And this means that usually there’s a much lower upfront payment to get into the house… and you don’t have to go through the complex process of qualifying for a bank loan.

Time to Improve Your Credit

As you’re renting to own a home, you have an opportunity (usually 1-5 years) to rebuild your credit rating so you can get a home loan to buy that house at the end of the rent to own / lease option agreement.

While working on your credit, you’ll have the opportunity to live in your future home, and when the term has ended, you’ll have saved both a down payment and hopefully increased your credit rating to get a traditional mortgage from a bank.

Cons of Rent to Own Housing – Some Drawbacks

Rent Can be More Costly

In a rent-to-own situation, including here in Quakertown and Surrounding Areas and all around PA, the seller can charge more for monthly rental since it comes with the option to purchase the house. If a buyer is unable to purchase the home at the end of the term, they will have spent more to live in a home without the benefit of purchasing it.

So you need to be sure that you’re serious about potentially purchasing this house at the end of the rent to own agreement… otherwise you’d be better off just renting a house through the normal rental channels.

Lease Cancellation

Buyers must beware the risks involved with lease cancellation, eviction, and other factors when considering a rent-to-own home. If a buyer is late on payments or breaks the lease in any way, the option to purchase the home may be lost, and they will have forfeited all fees and additional rent they’ve paid for the ability to purchase at the end of the term.

So same goes here as in the first drawback… if you’re wanting to rent to own the house… be serious about it and use this as an opportunity to improve your credit and earn your way into a great house you’d love to own.

For many Quakertown and Surrounding Areas PA residents who can’t get a traditional bank loan to buy a house, the Pros and Cons of Rent to Own Housing In Quakertown and Surrounding Areas are clear cut.

If you don’t have the credit or don’t have a huge down payment… but want to experience the feeling of “ownership” while you work on purchasing that house… looking for great rent to own houses in Quakertown and Surrounding Areas may be the preferable choice.

If you’re not fully committed to improving your financial situation, your credit, etc… doing a rent to own may not be the right fit.

Rent to own is an attractive option for many Americans. By knowing what you’re getting into, you have a prime opportunity to buy your dream home without meeting the often unrealistic standards set by traditional mortgage lenders.

Have Questions On How Our Local Rent To Own Program Works?

If you have questions about the rent to own / lease option process works… we’re here for ya!

Just click the link below to see our available properties… or connect with us by calling us at 610-200-5544 or through our contact page on this website.

Have Questions? Call us today at 610-200-5544 or shoot us an email here <<

Or, See our available Quakertown and Surrounding Areas area rent to own houses here <<

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Homes For Rent By Owner In Quakertown and Surrounding Areas – Rent-To-Own Step-By-Step

Learn more about homes for rent by owner in Quakertown and Surrounding Areas

… And discover whether renting-to-own the right step for you. Find out how it works here…

If you’re looking into homes for rent by owner in Quakertown and Surrounding Areas, you’re probably thinking about renting… but have you thought about renting to OWN? In this blog post, we’ll share the step-by-step method to walk you through how it all works so you can decide if it’s right for you…

If you’re thinking about renting a home, you’re likely focused on finding a place to rent that you can call your own… but often, renters would love to move up from a rental property into a home that they own, they just might not be able to afford it.

That’s where rent-to-own comes in. With renting, you pay for a place to live for as long as your rental agreement lasts. But with rent to own, you rent a home for a while and then you buy it out-right so that you own it… and you can even do this with bad credit!

Let’s start with the benefits of why renters love it…

1. You can get into a house even if you have bad credit
2. You don’t need a huge down payment
3. You can live in your permanent dream home sooner, even if you can’t afford to buy it just yet

It’s no wonder why people love rent to own!

If you want to learn more about whether rent to own is right for you, click here and fill out the form to talk to one of our experts, or call us on at 610-200-5544

Here’s How It Works To Get Into Homes For Rent By Owner In Quakertown and Surrounding Areas On A Rent-To-Own Basis

First, find homes for rent by owner in Quakertown and Surrounding Areas.

Second, inquire about whether any of their houses are rent to own.

Third, review the available homes and choose one that you’d like to buy someday.

Fourth, sign the agreement, which means you’ll rent the house for a period of time (often a couple of years) with the purpose of buying it later.

Fifth, work on your credit score to improve your credit during that time.

Sixth, when your rental agreement draws to a close, use your improved credit score to apply for a mortgage from a bank and then purchase the house from the owner.

Yes, it really is that simple and it’s a great way for renters to become home owners.

Want to see what we have available in terms of homes for rent by owner in Quakertown and Surrounding Areas that are available on a rent-to-own basis? Click here to get in touch (just fill out the form) or call us at 610-200-5544

The Costs of Rent to Own Housing – For the Quakertown and Surrounding Areas Area

Owning a home — it’s part of the American Dream!

Home ownership gives a sense of freedom, security, and permanence.

Americans dream of growing up, finding a home, and starting a family; they dream of owning their own piece of land and proudly knowing “it’s mine.” Millions of families want a nice home, a white picket fence, a place to rest after a hard day of work, and a place to raise their families.

It’s no wonder that pioneers and settlers came to America to escape the over-crowded rental slums of the Old World and to tame and claim their piece of this vast land. Even today, newcomers to America are attracted here in part because of the opportunities for a better future — which includes owning their own home.

The American Dream Is Changing…

While home ownership continues to be a high priority among many Americans, the American Dream is evolving. There’s still plenty of land and places to live, but it’s evolving for other reasons:

  • There’s the growing number of Americans with credit problems — perhaps due to debt or poor choices or difficult circumstances or even just low paying jobs.
  • There’s the growing number of banks that reject loan applications because they don’t meet the bank’s tightening loan requirements.
  • There’s a trending increase in the number of lower-paying jobs, while higher-paying jobs are vanishing or being outsourced overseas.
  • And the economy is on shaky ground, with one recession barely over and another one threatening to strike.

Although these might not be ideal circumstances, this is the reality we live with. As a result, two things are happening:

  1. House buyers are trying to find creative ways to acquire a home to live in, even if their credit isn’t at the level that a bank is looking for.
  2. House sellers are trying to find creative ways to sell their house because there aren’t as many buyers.

This creativity has led to a new opportunity for people to buy houses even when they may not be able to apply for traditional loans. And that’s how the American Dream is evolving: people still want to own homes (and can!) but there are new ways of buying those homes…

Rent to Own Housing in Quakertown and Surrounding Areas and Other Areas

In a traditional house purchase: the buyer goes to a bank, pays a down payment, and gets a mortgage loan for the remainder of the amount owed on the house they’re buying.

In a rent to own agreement: the buyer who may not have perfect credit works directly with the house seller — to rent a house for a period of time while they build up their credit so they can quality for a mortgage loan.

This works well for everyone!

  • For the seller, it gives them access to more potential buyers.
  • More importantly, for the buyers, it creates a new way to get into a house sooner — a permanent address in the house you’re likely going to buy, a sense of ownership before you even own the house, and an opportunity to work on your credit.
  • Banks love it because it means more people can qualify for loans, too!

Just imagine: if you’re someone who wants to own a home but you can’t get a traditional bank mortgage right now, you might have thought that living in a permanent home was years away. Well it doesn’t have to be: you can get into your permanent home now, enjoy the sense of ownership right away, PLUS you’ll have a stable address (which can help to contribute to a higher credit score).

Want to see what houses we have available for rent to own in Quakertown and Surrounding Areas? Click here and enter your information and we’ll show you what’s available.

What are the Costs of Rent to Own Housing in Quakertown and Surrounding Areas?

In a rent to own agreement, a buyer would move into a home, paying rent, and building credit towards a down payment to ultimately purchase the home. This is a valuable option for families who may not have the necessary credit score to get a traditional mortgage.

The price varies widely, depending on a number of factors, and each rent to own arrangement will be governed by the details described in the agreement. But in general, this is what you’d be looking at…

First, you’ll pay a regular rental amount (just as you would if you were renting anywhere). This amount goes towards the rent and upkeep of the property, just like a regular rental.

Second, the costs of rent to own housing in Quakertown and Surrounding Areas may be higher in some areas… but for a very good reason. In some cases, rent to own rental amounts may be slightly higher versus rental rates you get elsewhere, and this is influenced by a few things — such as the neighborhood the house is in, the condition of the property, the length of the rental period before purchase, etc.

As well, there’s the lease option portion of the agreement, which allows you to buy the house at the end of the rental term. This is built into the cost of rent and, in some cases, a portion of your monthly rent will be applied to a down payment on the home. (Check with the landlord because this is not always the case).

Example: You rent a house for $1,000 even though other houses in the area rent for $900. This extra $100, though, is applied to your down payment and accumulates month by month for 3 years until you are ready to purchase the house.

Important: these vary from one rent to own seller to the next, so make sure you talk to the seller about how the costs of rent to own housing in Quakertown and Surrounding Areas when you’re looking to buy.

While it’s possible that in some cases you may pay slightly more to rent to own a home each month, the savings in the long term could be significant. This is because many sellers will set a predetermined price on the house, locking in protection against housing market fluctuations.

Example: You’ve agreed to rent-to-own a home for three years, before exercising your option to purchase. You come to an agreement with the seller on a price at the end of that term of $200,000. Let’s say that at the end of your rental term, the housing market becomes extremely competitive and surrounding homes are selling for $300,000. As a buyer, you’ll be saving $100,000 on the cost of your new home simply by renting to own and locking in the price.

Rent to own — it’s a great new way that families are getting their own piece of the American Dream even when circumstances have prevented them from doing so in the past.

Want to learn more about our rent to own program or find out what the costs for rent to own housing in Quakertown and Surrounding Areas are? Click here now and enter your information or call us at 610-200-5544 and we’ll be happy to walk you through our process.

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