Today, people do not want to wait to someday get a jackpot, and then they will purchase a home. Contrarily, they want to live in a dream home right away. And to fulfil this need of a huge customer base, some real estate companies have devised a practical solution—rent to own homes. If you are after Atlanta homes rent to own option, then there are some pros and cons associated that you must know.
Pros of Rent to Own Homes
The following are some of the pros of rent to own home options:
1. No need to move homes
When you are not a homeowner, then you are a tenant in someone else’s home. And tenants have to face a worrisome situation that they need to move homes frequently. However, when you are in a rent to own contract, you do not need to move home because you are the ultimate owner of the home, and companies offering homes rent to own give you a certain time to arrange the remaining purchase price of the home.
2. No need to pay an upfront purchase price
Another very lucrative benefit of homes rent to own option is that you do not need to pay the upfront purchase price of the home rather company offering rent to own program allows you to live as a tenant for the time period mentioned in the contract. You pay rent and live as a tenant in the home. a certain proportion of the rent is credited to the purchase price of the home. However, the remaining purchase price of the home is paid at the end of the contract.
3. No need to pay home maintenance charges
All homes and other edifices need maintenance with time so do the rent to own homes. But when you live as a tenant who pays these maintenance charges? Most of the rent to own home companies pay for the maintenance charges during this time period. And if you do not find anything related to maintenance charges of the property, it is better to discuss with the company with which you are signing the contract and get it written in the contract.
Cons of Rent to Own Homes
Just like pros, there are certain cons of the rent to own home options in Atlanta. So, here are some of the cons that you must know before signing the rent to own home contract:
1. No chargebacks in case you fail to pay the purchase price
If you do not have money to pay the remaining purchase price of the home and there is nothing in your contract about contract renewal, then you cannot do anything. You will not get the amount that you previously paid as the purchase price. Also, you will have to vacate the home because you failed to pay the remaining purchase price of the home.
2. Leave the home if failed to pay the purchase price
As has been mentioned, you must vacate the home if you did not get it written in the contract that the contract can be renewed if you fail to pay the remaining purchase price of the home. however, the door to negotiations is open and you can involve your real estate agent to have some more time to arrange the purchase price of the home.
3. Comparatively more rent to pay
As a party to rent to own home contract, you need to pay comparatively more rent. Why? Because a certain proportion of this rent is credited to the purchase price of the home. So, it can cause affordability issues. Experts suggest that the rent of the home ought to be decided with the consent of both parties.
So, these were the pros and cons of the rent to own program. If you are on a hunt to find a trustable rent to own home company, then Dream America is the one to contact.
