Some Great Benefits Of Leasing to Own a Home

Are you one of those people who wish to buy a home yet are unable to get a mortgage loan that would answer your need? Why not consider lease options? Lease purchase is the ideal option because it allows you to rent a home and have the option to buy it at the end of the lease. Because of this method, you no longer require to concern yourself with finding a mortgage especially with banking institutions getting stringent with their financing requirements.

I'll show you why a lease option is far better than purchasing.

Smaller Investment

If raising seven to ten percent down payment is out of your reach, don't worry, it is possible to get into a lease-to-own home for 3-5% down, and build your advance payment as you go through the use of the forced savings part of a lease-to-own program. It means that rather than trying to save that more cash while paying rent, a percentage of the lease payment each month goes towards your final down payment when you buy the home at the end of the term. Again, this will help you at the end of your term when it comes time to get your own mortgage on the house.

Flexibility

Once you've agreed to get a home you're going to be tied into paying for that home for so long as it requires to settle the loan you have taken out for it. You have the option to sell, of course, however this is a long-winded process than can often take many months, if not years.

When you lease a house you've considerably more flexibility, specifically if you are on a rolling monthly contract. Which means you are free to move on whenever you want, as long as you give the needed notice as specified in the lease agreement.

The Property Market

If you lease a home you will not need to worry about fluctuations in the property market having an impact on the overall value of your property, as you do not own it. Instead, everything you should be worried about is making the rent payments when they are due.

This could be great for those who want to dip their toes into the real estate market and experience living on their own the very first time, without having to worry about the burden of responsibility that owning a property carries.

Your assured your purchase price.

Yes it's true. You're locking in the purchase price today. This means if all of a sudden the housing prices increase, you still be buying your new home at the price you agree to on the lease-to-own purchase agreement.

Fast Move in Date

You can typically take possession of the home in a week or less, instead of conventional move in times of one to three months, after your offer was accepted.

No Taxes, Less Liability

Since you do not own the house, you will not need to pay property taxes and your liability exposure will be dramatically reduced.

The lease option method isn't a new idea and has been known for years. Many potential customers find the method a viable option specially when they are unable to buy a home. Many potential home owners are genuinely interested in getting their own house but many of them are not prepared for the financial obligations and commitments that go with owning a home. With the lease contract, they have the chance to try their hand at homeownership. People who have poor credit could also take advantage of lease options to repair their credit and can do so while they await the time when they can already buy a home.