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Are Quakertown and Surrounding Areas Rent-to-Own Homes a Scam?

If you’ve spent time driving around Quakertown and Surrounding Areas PA or browsing Craigslist or other sites, you may have seen advertisements that read, “Own a home for $500/month. No credit check!”

While it seems too good to be true, local rent-to-own homes are a viable option that many Quakertown and Surrounding Areas residents are taking advantage of.

But…

Are Quakertown and Surrounding Areas Rent-to-Own Homes a Scam?

In any business there are a few hucksters who aren’t doing the right thing that give everyone else a bad name.  But renting to own / lease option homes aren’t a scam and they’re a really great way for people get on the path to home ownership if your financial situation prevents you from getting a home loan right now.  You can find hundreds of great articles online from reputable resources that back up the fact that rent to own (also called a lease option by many people) is a legitimate and great way to work your way into home ownership.

Really the rent to own process is a relatively simple concept:

  1. The buyer and seller come to an agreement on the cost of the home, the monthly rental payment, and how long the buyer will have to purchase the home.
  2. The buyer moves into the home and begins paying rent.   As this is going on, the buyer is working to rebuild his or her credit, or possibly secure financing to purchase the home using traditional means… and the buyer can feel that same sense of pride that home owners feel because they’re working toward that goal of home ownership actively.
  3. At the end of the term, the buyer has the option to buy the home at the price agreed upon in the initial agreement.

Things To Consider With Your Quakertown and Surrounding Areas Rent To Own Home / Lease Option

While rent-to-own homes in Quakertown and Surrounding Areas are a valid business venture, there are many things that buyers must consider.

Purchasing a home is one of the most complex financial decisions that Americans make every year, and renting to own is no different. There are several potential pitfalls:

  • Unlike traditional ownership, if a renter misses a payment, the entire contract *could* be voided. So make sure to read the fine print and ask the property owner what the default clause is. Any reputable real estate company, like Cyndy Sells Houses will give you this info and answer any of your questions.
  • If you decide not to purchase the home, or are unable to secure financing, any “credit” (if applicable) you may have earned will likely be lost
  • The upfront “option fee” for the rent to own agreement is usually a non-refundable fee. So be sure if you sign on the dotted line, that this home is the right one for you.
  • Unlike traditional rental agreements, in a rent-to-own situation, the renter is responsible for most repairs.

 

Some Advantages of Renting To Own A Local Quakertown and Surrounding Areas PA Home

While renting to own is not without risk (and no financial decision is risk-free), there are a ton of advantages:

  • Buyers can “check out” the neighborhood before committing to a 30-year mortgage.
  • Families can move in quickly and enroll children in the local school district.
  • Buyers with credit problems will have time to get their financial situation in order.
  • The seller has a tenant who has good reason to keep the property in shape.
  • The seller will receive monthly payments, which can cover mortgage payments.
  • The seller is exposed to a larger potential market by including those without perfect credit.

All things considered, not only is renting to own a home in Quakertown and Surrounding Areas definitely not a scam, but a legitimate option for both buyers and sellers.  If you want more information on renting to own a Quakertown and Surrounding Areas house, the process, and our available list of local Quakertown and Surrounding Areas rent to own houses / lease options, click the big link below.

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Tips on Renting A Quakertown and Surrounding Areas Home

In today’s article, we’ll take a look at some tips on Renting a Quakertown and Surrounding Areas home that you should consider when renting your next home in Quakertown and Surrounding Areas.

As property values plummeted over the latter part of the 2000’s, many people began to turn to renting. There are plenty of reasons to rent as opposed to purchasing a home, including maintenance costs, desire to live in a densely populated part of Quakertown and Surrounding Areas PA, or the desire to live in a smaller space.

Should I Rent From A Private Owner vs. Management Company?

There are advantages and disadvantages to renting from a management company.

Oftentimes, a management company will quickly make repairs, and be responsive to tenant complaints. Forward-thinking companies may offer rent payment, maintenance and repairs requests, and answers to other questions on their website. Property management companies in Quakertown and Surrounding Areas are usually strict about who they’re willing to rent to. They’re more likely to run credit checks, and require certain scores to consider a tenant. Many property management companies are also reluctant or outright refuse to rent to tenants with pets.

Also with property management companies they tend to charge top of the market rents because they know what the “going rate” is.

Private owners are often more flexible about who they’ll rent to. Many are renting homes that they own in their retirement account, biding time until they retire, so they’re simply looking for an occupant. If you have credit difficulties or have a dog or cat, it might be best to find a private owner.

Private owners often may rent a house at a little bit lower price than a property management company because they don’t want to hassle with finding tenants or they simply may not know the local Quakertown and Surrounding Areas PA rental housing prices well.

In the end both private property owners and local property management companies have to follow the same landlord – tenant laws in PA so the experience with either one should be fundamentally the same.

Be Realistic with Your Budget

Most financial experts agree that you should spend no more than 30% of your total net income on housing costs. If you’re younger, you may want to budget more than 30%, as entry-level salaries are low, and the rental market is booming, leading to higher costs.

Take Pictures of Everything

After renting your next home in Quakertown and Surrounding Areas, before assuming the lease, it’s extremely important to take photographs of every inch of the house or apartment. This can be essential to recovering your security deposit at the end of your lease. Some uncouth landlords will use your security deposit to pay for broken items or scuffed floors that existed before you moved in.

Also, when you take pictures of everything it’ll indicate to the landlord that you’re a responsible tenant and build that trust with you as a tenant.

Get Renter’s Insurance

Renter’s insurance protects your belongings from theft and other catastrophic losses. In some states, landlord’s rights trump tenant’s rights, and if something goes missing or damaged in your rental unit, you’ll be responsible.

By purchasing renter’s insurance, your belongings will be protected. Renter’s insurance is extremely affordable, often costing less than $200 a year… which is a no brainer.

If you’re looking for renters insurance in Quakertown and Surrounding Areas PA just pick up your phone book and call any reputable insurance agent (the same type of insurance agents who could sell you auto insurance tend to offer renters insurance too) or head online and do a quick Google search for “Quakertown and Surrounding Areas PA insurance agents” and you’ll find a whole list of agents to choose from.

By being very details oriented during your search and moving into your new apartment or rental house, you can ensure a pleasant experience for both you and your landlord! For other tips on renting a Quakertown and Surrounding Areas PA home feel free to email us directly or give us a call and we can provide more information and free guides to help you find a great local house to rent… even a Quakertown and Surrounding Areas rent to own house list in case your main goal really to purchase a house rather than rent… but your current financial state won’t let you get a home loan (we can help!).

Consider A Quakertown and Surrounding Areas Rent to Own Home

The tips on renting a house in Quakertown and Surrounding Areas above are quick and simple and apply to a rent to own house as well.

But if your goal is really to own your own house here locally in Quakertown and Surrounding Areas… but your financial situation won’t let you qualify for a loan (bankruptcy recently, foreclosure recently, your income not high enough yet, etc.) then renting to own a home may be an option for you.

If that’s you… then start on this website by learning about the rent to own process and even get on our Local Rent To Own / Lease Option House list to see the available rent to own homes in Quakertown and Surrounding Areas.

For Other Tips On Renting A Quakertown and Surrounding Areas Home

If you have any questions at all don’t hesitate to contact us anytime. We’re here to help!  We can connect you with reputable property management companies, provide you free resources as a tenant here in PA that show you your rights, and more!  Or, if you do want to learn more about renting to own a local house… excellent!  We’ll walk you through the process and see if it’s a good fit for you!

 

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