Are Rent to Own Homes a Good Idea in 2022?

Is it better to live in rent to own homes, rent, or buy our homes outright? The answer, like many questions of this nature, depends on a lot of things.

Everyone’s personal circumstances are different and the decision should always be made on those circumstances.

Owning a home is a goal that many renters aspire to, but there’s a couple of things that hold them back: – saving for a down payment – good credit score Enter a potential solution: The rent to own homes option.

How Do Rent To Own Homes Work?

There are two separate contracts to sign: – Rental agreement – A lease option to purchase


The rental agreement is similar to a standard lease with the rent specified, but the difference is the agreed-upon term to purchase the home potentially. Typically this ranges from one to three years after the agreement begins.

Rental Agreement



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One thing tenants should pay attention to is whether or not the landlord covers maintenance costs or not. Occasionally the contract’s terms will state that tenants are responsible for paying for repairs and maintaining the property. If someone is having difficulty with trying to find out this information, consider asking an attorney to review the contract.

Rent-to-Own Home Maintenance

Something else to consider in the agreement is whether or not the home is a lease-purchase or lease-option. When you first read about the two, they sound similar, but there’s a BIG difference to pay attention to.

Lease Option/Purchase

– A lease-option is just that. It gives the tenant the option/opportunity to purchase the home before the lease is up. – A lease-purchase legally binds the tenant, once the lease is up, to purchase the home.

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