Myths and Misconceptions About Rent to Own Homes
Update: 2020-03-16
Description
Myths and Misconceptions About Rent to Own Homes
People Question #45
This is usually a hot topic, people always ask what are your thoughts about rent to own homes?
Are you someone or do you know someone who has myths and misconceptions about engaging in a rent to own home?
People who don’t know the real stories about how helpful rent to own homes can be, usually have negative comments about it.
If you really are curious about what is the real deal of a rent to own homes, feel free to read this article. Then share it with someone you know so they too can learn the reality about rent to own homes.
Rent to own homes vary depending on the company who offers it, but here in Home Buyers Inventory, we make sure that we see to it that our program not only benefits us but most especially benefits our future homeowners. Here are some of the myths that you shouldn’t fall for.
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1. You’re Throwing Money Away:
This myth is really not true, What you pay monthly for your rent can be seen on your credit history and this will help you build your credit score.
Building your credit score will help you have a favorable outcome especially when the time comes that you need a mortgage.
Why will you see your rental history on your report. Because we will teach you how to have your good payments reported, so when you want to go to the bank and get the mortgage for your new home, the bank will see you have a good payment history. This is the #1 thing needed to obtain a loan.
2. Rent To Own Home Prices and Terms change:
Another common misconception is that rent to own home prices and terms change. In other words, most potential home buyers think that they will be at edge if the prices will be higher after they stayed in the house for 2.5 years.
This is incorrect, because whatever will happen in the market our rent to own home prices will not change and this will benefit you especially if in the future all prices will increase in the market. Your rent also does not change for up to 2.5 years. This is huge, because rents seem to always go up. But your rent with us is guaranteed.
3. Your Landlord Can Enter Your Property Anytime
If your landlord is also the property owner, they have the right to enter the property. However, to say that they can enter the property at any point is patently false.
Landlords who wish to enter the property for non-emergency issues must provide tenants with a reasonable notice (and do so at a reasonable time). The amount of time a landlord must provide varies by jurisdiction, so research the laws in your area to understand the specifics of this rule.
4. Your Landlord Can Sell Your House to others
This is one misconception that needs to be changed.
The seller cannot sell the house to others especially if you are under contract.
The problem here is we have seen this done over and over when someone has done a Land Contract.
The person who sold them the house, never gave them the exclusive right to buy the home. So if the landlord has family or a better offer, we have seen the landlord sell the house right out from underneath the person. So please if you think a Land Contract is so great, make sure this isn’t going to happen to you. If you need help with this, let us know.
You as a Tenant Buyer have the full right to buy the house once you are done with your 2.5 years.
But, if you decline or change your mind at the end of the contract, now the seller will have the right to sell to whoever they want.
5. Pets are not welcomed in your home
This is a big no-no, we here in Home Buyers Inventory are certified pet-lovers we make sure that you and your pet are treated equally.
We are confident enough that you will take care of your pet and the home and you have trained them properly.
Paperwork does state that if there is any damage from pets, you agree to professionally fix it.
Overall, at the end of the day what matters most is that we know the real deal about rent to own homes.
It is up to us to share it with everyone so that they may also know and understand how helpful rent to own programs are to someone who is wanting to start out in having their own home.
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