You are currently viewing Rent or Buy or Rent-to-Own?

Rent or Buy or Rent-to-Own?

Buying a home is a part of many people’s dream. Choosing to buy or rent, however, is a major decision that affects your economy, your personal life, and particular aspirations. Whichever option you choose depends entirely on your life and financial situation. Both demand a regular income and may also bear a certain degree of endeavour to maintain. 

But there are several differences that make renting and buying property distinct. Renting a property does not come with all the liabilities associated with homeownership and you have more freedom, as you are not inescapably tied down to your property. Buying  home gives you a sizeable investment, but it does come at a big cost for a longer period of time.


Check out these great Rent-to-Own search engines!


Some of the crucial differences between renting and buying are the following ones:

  • Whether you choose to rent or buy your home depends on your economy, your personal life, and particular aspirations. 
  • Both give you with a place to live and bear regular income in order to make the payments. 
  • Renting offers more freedom, predictable yearly charges, and someone to handle repairs. 
  • Homeownership brings impalpable benefits, e.g. a sense of stability and pride of owning the place.
  • Renting does not mean you’re wasting money every month, and buying does not always help you make wealth in the long run. 
  • Probably you’ll need a mortgage to finance the purchase of a new house, if you’re like of us. A good credit score and cash for a down payment are essential to qualify for homeownership. 

There’s an other option, however: a Rent-to-Own agreement, in which you rent a home for a specific period of time, with the option to buy it before the contract expires. Rent-to-Own agreements generally has two parts: a lease agreement with an included option to buy. 

Here are some key points of what to watch for and how the Rent-to-Own process works. It’s more complicated than renting, and you will need to take redundant measures to cover your interests. But it can be a great alternative if you are looking to buy home, but you need some more time to prepare the financial part.

  • A Rent-to-Own agreement means that you commit to renting a property for a certain time, with the option of buying it at the end of the lease. 
  • Rent-to-Own agreements consist of a standard lease or rent agreement with an extra option to buy the property afterwards.
  • The difference between lease-option and lease-purchase contracts is that the first gives you the right to buy the home afterwards while the second requires you to buy the home.
  • During the contract you pay an agreed rent price, which can be deduced partially from the purchase price when you eventually buy the house.
  • Rent-to-Own contracts leave the liberty to decide who will be responsible for maintenance and paying for repairs of the property.

Hope you enjoyed the read and that you’ll find the solution that best fits your means!

BY THE WAY,

I know from experience that not all home listings search tools are the same. Some are more elaborate than others, offer different search options or just focus more on topics that are of your specific interest. 

That’s why I am happy to share these three different Rent-to-Own search engines with you. 

CLICK the buttons below because somewhere your DREAM HOME is waiting for you!

Good Luck!

Tom