Hardwood Floors: How to Clean and Care for Them

After purchasing a home after over a decade of living in various crappy rentals, I realized that I might be a bit in over my head.  While viewing houses on the market in anticipation of buying them, wood floors stood out as classic, beautiful, and charming.  Fastforward to a month after move-in and oh-my-goodness-I-don’t-know-what-on-earth-I’m-doing.

So research I did.

In my rentals, I had used a Roomba vacuum on both carpet and laminate, with great success. I love that it uses the little weed-eater-type-dust-flicker to really get into the corners and edges of the room, preventing me from having to use the hose-attachment to the regular vacuum and 20 minutes per room that I don’t want to spend vacuuming.  It also gets under the beds, a plus for keeping dust to a minimum.

Right before moving in, after a solid year of happiness with my Roomba, I invested in a swiffer-type robot that is designed to pick up crumbs, pet hair, and some dirt.  The Braava is a lighter duty and much quieter version of the Roomba, and it swiffers automatically, also getting under the chairs and couch with ease.  It keeps the floor barefoot-walkable without any extra work from me.

On my rental laminate floors, I had used a steam mop happily for years.  I loved the hiss of the steam coming out and assuring me that any bacteria on my floor would be quickly boiled beyond harm, that the mop easily picked up even old spills with a few quick strokes, and that the pad were washable.  To clean laminate flooring, I would go around and spray any spots with a 50/50 vinegar solution, drop a few drops of tangerine essential oil on my steam mop, and go to town, finishing the job in less than 10 minutes.

WOOD FLOOR CARE

I wasn’t sure if steam was okay to use on hardwood, though, so I checked with some experts to find out. Even though most brands of steam mops claim that they can be used on hardwood floors, it turns out that experts recommend NOT using them.  The heat used is hard on the finish, causing your floors to need to be refinished more often and wear quicker. In addition, if your floors are not completely sealed, especially in high traffic areas where the seal may have been worn off, the steam will be absorbed by the wood and will cause damage to the wood floor, and even the particle board subfloor underneath.

WITHOUT STEAM MOPPING, HOW ARE WE TO CLEAN OUR FLOORS?

If your floor is well finished with a polyeurethane sealer, you can use a water-based cleaner on it. Woodwash is recommended for this well-cared for floor. The steps for cleaning are to vacuum well, swiffer up any remaining dust or crumbs, and then spray woodwash on an area that you can reach (approx 4 ft x 2 feet) and use one rag to wash with the cleaner, another dry rag to dry immediately after.

You can also use just plain water to wash, using the same 2-rag method to clean and dry. To preserve the life of your finish, using a cleaner that is closest to a neutral phas possible is recommended. If you get either an alkaline or acidic cleaner, it will cause more wear on your floors.

If your floor has some worn spots, as I noticed mine did as I was sitting on the floor stocking the bookshelf upon movein, you can test the floor using a water test.

To test, drop a couple drops of water on the most worn part of the floor. If they stay beaded up over the next couple minutes, you can use water-based cleaners as described above. If the water soaks in, you can use odorless mineral spirits to clean until you get a chance to refinish the floor.

To clean using odorless mineral spirits: vacuum the floor well, swiffer or sweep to pick up any excess dust or crumbs. Next squirt a small amount of mineral spirits on the dirty parts of the floor, and wipe clean with multiple rags until all the mineral spirits are picked up.

DAILY MAINTENANCE

If you’re like me, there’s nothing as annoying as coming down with bare feet to get the coffee started and having crumbs, dirt, or pet hair cling to your feet. Ick.

To keep my floors barefoot friendly in less than 5 minutes a day, I follow the following routine:

1. Remove shoes at the door. I don’t ask my guests to, but most people will when they see a couple pairs of shoes lined up next to the door.
2. Vacuum under the table and/or in the kitchen daily (2 minutes)
3. Before bed, or while watching TV at night, set the Braava to run with a reusable microfiber cloth or swiffer pad.
4. Once a month, or once a week if you have pets or children in your house often, spot clean the floor, on hands and knees preferably while the sun is directly shining on your floor so you can easily see any spots.

--from singlewomanhomeowner.com/

If you're interested in finding a home with beautiful hardwood floors -- and there are plenty of them out there -- call or text Adam at 630-697-4500. Or visit our website at www.MyHappyHomeSolutions.com to see our currently available homes. 

Women as Homeowners: Why Women Buy Homes (It's Not the Same Reasons as Men)

While both genders are attracted to the idea of owning a home, their reasoning is often slightly different.  It’s important to understand this, so when you are talking to your dad, brother, or male friends about your decision to purchase a home, you aren’t offended when they say, ‘that’s not a good reason to own a house’.

It’s not that your way is wrong, it’s just that the two genders tend to think about home ownership for different reasons.

Single women are buying homes at twice the rate single men are, we are responsible for 1/5th the housing purchases in the united states this decade.  We buy as an addition to our investment portfolio, to secure a place in a safe neighborhood, to get the size (bigger or smaller) that we need, and to be close to work.

Men tend to buy thinking in the immediate future, planning on being in the home for less than 5 years before moving up.  Women, on the other hand, look more long term and into a place where they intend to stay for over 5 years.  Single women choose sububurbs over cities, and for single moms, school district quality is a big determinant in where she buys.

-- from SingleWomanHomeOwner.com

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Diane at 312-213-8137. We always have Rent to Own homes available!

What Types of Homes Are Available as Rent to Own?

This gorgeous, high-end home in Lisle, IL, was a recent

Rent to Own property we were showing. Sorry, this one's taken.

There are many types of homes available as Rent to Own. At any given time we typically have a range of homes from low-end fixer-uppers to immaculate homes in the million dollar range.

We have had tenant-buyers complete the purchase on beautiful homes with acres and acres of land, and we've done Rent to Own with condos and townhomes. We've placed Rent to Own tenants in exquisite 7,500 square foot homes on golf course lots, and we've done Rent to Own deals on properties that needed gut rehabs.

What Do You Need in a Home?

What are you looking for in a home? Do you need a lot of space for a growing family, or will a smaller home do just fine? Are you looking for something that has just been completely rehabbed and looks like the finished product we all see on those "Flip This House" TV shows, or are you OK with doing some work on the home yourself?

Does the home have to have the latest and greatest of everything (you'll pay more!) or are you more concerned with being in a nice neighborhood or school district, and not concerned if the home doesn't have granite counter-tops and stainless steel appliances?

How Does Condition Reflect The Price?

We've got all types of homes available as Rent to Own, including some that are sparkly-new, some that could use a little paint and cleaning, and even some that really would benefit from a major re-do. The prices of the homes will obviously reflect what state they are in.

You can definitely get a better deal on a Rent to Own home that needs a little work. If you're handy, or have a friend or family member who can help you fix up the home, you can really get a lot more home for your money if you're willing to take a property that wasn't just rehabbed.

Rent to Own Homes Aren't Available Long

Most of the time, homes that are available as Rent to Own don't sit vacant very long. If you know you're ready to move toward home ownership, and you're interested in a home we have available, set an appointment to see the home and -- if you like it -- make an offer on the home before someone else claims it.

Call or text Adam at 630-697-4500 or email Adam@MyHappyHomeSolutions.com for our current list of homes, to set up a showing, or to learn more about Rent to Own.

Visit our website at www.MyHappyHomeSolutions.com and join our mailing list for free to receive updates on available Rent to Own homes.

Buy vs. rent: What you'll pay

Buy vs. rent: What you'll pay

Courtesy of Trulia, March 3, 2014

Despite rising home prices and climbing mortgage rates, it's still cheaper to buy a home than rent one in major cities across the country, according to real estate web site Trulia, which analyzed data in 100 metro areas.

But home prices are just one factor to consider. Deciding whether to buy or rent also depends on the location and how long you plan to stay there. In most of the Rust-Belt cities, like Toledo and Detroit, the math overwhelmingly favors buying. In more expensive coastal markets, like Los Angeles and New York, it's a closer call.

Nationwide, homebuyers who remain in their homes for seven years will save an average of 38% over renting, Trulia found. A year ago, buying was 44% cheaper.

That means all of the initial transaction costs of buying a home -- the broker's commission, title insurance, legal fees and other closing costs -- will be offset by benefits, like tax write-offs and price appreciation. And those costs will become cheaper than the total costs of renting, which include insurance and agent commissions.

Chicago area

% saved buying: 47%
Median home price : $170,000
Median rent: $1,700
The Windy City is undoubtedly a buyer's a market.

Home prices in Chicago went through a slump during the second half of 2013 that left median home prices at $170,000 in January, about $10,000 below the national median.

Meanwhile, rents are well above national levels, having climbed some 7% over the past 12 months.

For buyers, the savings is significant. According to Trulia, buyers who stay in their home for seven years, will save about 47% compared with the cost of renting a comparable property.

Use Your Tax Return to Buy a Home!

Let's face it: For a lot of people, saving up enough money for the down payment on a home is nearly impossible. Are you living paycheck to paycheck most of the time? How long would it take you to save up, say, $15,000 or $20,000 to use as the down payment on a home?

But every year you receive a tax return check for several thousand dollars, right?

And then you go out and blow that money on stuff you don't really need, stuff that depreciates in value, like obsolete television sets and fancy clothes that go out of style.

If you've been renting for a long time, thinking you'll never be able to purchase a home, and wondering how you'll ever survive on just social security money when you're old, you ought to think long and hard right now about putting your tax return to better use than just buying a bunch of junk that makes you feel good for a little while, but eventually becomes worthless.

Why not use your tax return to become a homeowner instead?

While your tax return may not be enough to qualify for a traditional bank loan and mortgage to make an immediate purchase, it may very well be enough to get you on the path toward home ownership with a Rent to Own home!

When you Rent to Own a home, you put some money down -- that's where your tax return comes in -- and then you earn rent credit toward the purchase of that home every month when you pay your rent. You also lock in a purchase price and the "right of first refusal," meaning the seller cannot sell the home while you have a Rent to Own contract on it.

Also, typically, once you purchase a home, you'll then be able to take deductions on your tax return that will quickly eliminate the need for you to pay weekly withholding tax out of your paycheck altogether! How much more money would you have in your hand every month if you could cut the withholding tax out of your paycheck?

Rent to Own homes come in all shapes and sizes, in all neighborhoods, and in all price ranges. If you'd like to get out of the rental rat trap and downward spiral of financial failure that long-term renting represents, and you have a sizable tax return coming this year, contact us to get started on the path to home ownership in a Rent to Own home.

*************

We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info.

Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!

Our primary focus is on homes in the Chicago suburbs, but we have associates who have Rent to Own homes available NATIONWIDE! Whether you're looking for a Rent to Own home in Chicago or Chattanooga, Illinois or Alaska, we can help you find that home! Contact us and let's get you into a nice new home!

How Rent-to-own Homes Work

Risks and Benefits to Buyers


For many people, a home will be the biggest purchase they ever make. Both buyers and sellers should carefully weigh their options before agreeing to any binding contract.

Let's look at some advantages and disadvantages for buyers:

• Buyers have time to build income and repair their credit history as they rent the house.

• Depending on the agreement, renters can walk away if they find something seriously wrong with the house. Although the renter will lose the option fee and all their rent credit money, that amount will be much less than if the renter had bought the house outright and tried to leave it later.

• Buyers still have to pay the upfront option fee. It's usually a percentage of the agreed-upon selling price of the home and is often only slightly more than the typical rental security deposit on the same home, but gives you the option to purchase the home.

• If the buyer is late on a month's rent payment, most agreements void the rent credit for that month. The buyer in the rent-to-own agreement must pay on time, every time. Pay your rent on time, or early, and you'll earn the benefit of rent credit toward the purchase price of the home. It's like putting hundreds of dollars in a savings account every month simply by paying your rent on time.

• At the end of the rental period, the buyer still may not be able to buy the home for the same reasons they couldn't buy at the start of the lease: bad credit, insufficient down payment, not enough income. The seller can't fix these issues for you, you have to decide to make changes to improve your life, then follow through with them. The rent to own contract gives you time to address these issues, and a powerful motivation to improve your situation.

• Major repairs -- like replacing a furnace or roof -- are usually the responsibility of the seller during the rent to own option period. But the minor repairs that used to be somebody else's problem in a rented apartment often become the responsibility of the new buyer, even during the rent to own option period. Home ownership has it's rewards, but it also has it's responsibilities. When you rent to own, you often take on homeowner like responsibilities, such as minor repairs up to $150.

-- by Sarah Siddons and Chris Opfer

We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info. Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!

The Benefits of Rent-to-Own

A rent-to-own transaction affords opportunities for both buyers and sellers. The buyer and seller enter into an agreement that enables the buyer to rent the home with the intention of buying it. Typically, a contract is executed including an agreed-upon sale price, although sometimes the sale price will be left to a future independent appraisal of the property.

Rent-to-own contracts usually include a date by which the home will be purchased outright by the renter. Buyers and sellers can benefit from rent-to-own transactions. Depending on the conditions of the contract, either the seller or the buyer may be responsible for routine maintenance, major repairs, insurance and taxes.

Down Payment

One of the benefits of a rent-to-own opportunity for a buyer is that there is a much lower down payment required than in a conventional home purchase. Usually, rent-to-own contracts state that part or all of rent payments go toward a cumulative down payment for the renter, who will use the down payment to obtain a mortgage to buy the home at a later date. This allows the renter to build up a down payment over time using the money they’re already paying as rent, instead of having to scrimp and save extra cash from already stressed budgets.

Taxes and Insurance

Depending on the agreement, the renter may not have to pay taxes or homeowner’s insurance on the home. This must be negotiated when entering into a sale contract. If no taxes are paid, only renter’s insurance is needed to cover the contents of the home, and is less expensive than homeowner’s insurance.

Neighborhoods and Schools

Prior to obtaining a loan for the home, those who rent to own can find out if they are comfortable with the neighborhood and with the schools where their children will attend. If they are not, there are ways to opt out of the contract.

Condition of Property

By living in the home, buyers who rent to own have the advantage of gaining information about the home. In a relatively short amount of time, the renter discovers what condition the house is in and whether expensive repairs to major components of the house including the HVAC, roof and foundation, might be needed.

Fixed Purchase Price

Before signing the rent-to-own contract, a renter works with the seller/landlord to determine a fixed sale price of the home, or if the sale price will be determined at a later date by an independent appraiser. If a fixed sale price is determined, then the price remains the same throughout the time frame of the contract. Contractually, it cannot be increased, and neither can the payments.

Resident Buyer

For sellers, a rent-to-own candidate presents a significant convenience. The seller does not have to advertise for a buyer, enlist the assistance of a real estate professional or wait for someone to make an offer on the property. Instead, the seller has a captive audience -- a resident buyer.

Savings

Contracting with a renter to buy the home without using a real estate agent saves the seller a commission that otherwise would have cost several percentage points. Based on a 5-percent commission, the seller saves $10,000 on a $200,000 home.

Home Values

Regardless of whether home values decline, rent-to-own buyers are obligated to pay sellers the amount agreed to in the rent-to-own contract if they want to purchase the home. This benefits the seller, since declining home values don’t reduce the amount the seller receives in monthly rents. Of course, if the home declines in value, the renter does not have to purchase. They have the option to purchase – which is why rent to own contracts are often called “lease option” – but are not obligated to buy the home.

by Sherry Davis Zander, Demand Media

We have a lot of Rent to Own homes available now. Call or text 630-697-4500 or email Adam @ MyHappyHomeSolutions.com for more info, or visit our website at MyHappyHomeSolutions.com to watch video tours and get more info. Please note that not all available rent to own homes are shown on our site. Sometimes they are rented before we even have a chance to post them, so get on our mailing list to stay informed about all new properties!

2013 Chicago Area Home Sales Best Since 2007

If you've been renting for years, nervous about buying a home because of what happened to the economy, it's time to reconsider. The real estate market has recovered and is on the upswing. In some cities in America, such as Phoenix and Las Vegas, the rebound has fully recovered to pre-recession prices.

In the Chicago area, Midwest Real Estate Data, the "MLS" for Chicago-area Realtors, now reports that the number of homes sold, total amount of sales, and percentage increase in home values is now the best since 2007.

Home prices are climbing in the Chicago area, don't wait too long to look into options for buying -- such as locking in today's sales price with a Rent to Own contract. Call Adam at 630-697-4500 to find your new home!

LISLE, Ill., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Midwest Real Estate Data (MRED), Chicagoland's multiple listing service (MLS), reported today that in both dollar volume and total transactions, 2013 is already the best calendar year in area real estate since 2007.

To date MRED sold real estate volume for 2013 totals over $24 billion resulting from nearly 103,000 closed transactions, surpassing all of 2012. MRED has not seen dollar or transaction volumes like this since 2007.

Chicago and the surrounding nine counties have experienced double-digit percentage gains from a year ago. The Chicagoland area has seen eight months of year-over year sales and median price gains. All indicators point in the same direction: a strong housing market.

"This confirms what we all already had a good sense of -- real estate is back," said MRED CEO Russ Bergeron. "The numbers don't lie. Not only are Realtors(R) busier than they've been in years, sellers are benefiting from the hotter market with increased home values. Assuming nothing takes our economy wildly off track, I see nothing but a very positive future for those in the real estate industry and those who own real estate."

Even the Mega-Rich Rent to Own Their Dream Homes

Why Do Even the Mega-Rich Often Rent to Own Their Homes?

Because it Makes Sense. On many levels.

* Get to experience the home and the neighborhood before you commit to the actual purchase.

* Instead of just throwing away money on rent, which you will never get back, you can apply part -- or sometimes even ALL -- of your rent payments toward the purchase price of the home, helping you build up the down payment amount mortgage brokers and banks will require you to put down before they give you a loan. Is there any other way you are going to save up $10,000 or $20,000 or more?

Here's a Rent to Own success story about the former President of Facebook (now a mega-rich investment fund director, and founder of the newly popular music-sharing website, Spotify) and how he rented his new $20 million dollar home from some other mega-rich person before finally making the purchase.

Sean Parker, Spotify and Founder's Fund
Location: New York

Cost: $20 million
Bedrooms: 6
Bathrooms: 7 full, 1 half
Square footage: 7,500


Sean Parker disputes his bad boy portrayal by Justin Timberlake in the 2010 film "The Social Network." But the former Facebook president and Napster co-founder is certainly living it up in his new home, a $20 million West Village townhouse known as the Bacchus House.

Formerly owned by Italian liquor heir Enrico Cinzano, it includes an indoor pool and gym, garage, theater, a chef's kitchen and an elevator.

Parker, now a managing director at the Founders Fund, a San Francisco venture capital firm, and a director of Spotify, an online music service, PURCHASED THE HOME LAST YEAR, AFTER RENTING IT FOR SOME TIME, and throwing his share of over-the-top parties.

Call us at 630-697-4500 and we'll help you rent to own your dream home too!

Adam and Diane St. James
MyHappyHomeSolutions.com

Still More Reasons to Rent to Own Your Next Home!

I've previously written about 10 good reasons to Rent to Own your next home.

Here are a few more:

11. Opportunity: Rent to Own gives the long-time renter a chance to break out of the cycle of renting and paying off one landlords mortgage after another. And believe me, I've done it too. I rented for 15+ years before purchasing my first home, spending hundreds of thousands of dollars in rent that could have gone toward my own financial future. Owning a home is the number one way Americans build wealth. Renting is a dead-end road that you don't want to stay on too long. Rent to Own gives you the opportunity to move off that road and into the American dream with relatively little down. If you can't afford a conventional down payment (think like $40 grand or more for a typical home), then Rent to Own is the way to go!

12. No Taxes To Pay: Or homeowners association dues either! The owner continues to pay all taxes and homeowners fees (if there is a homeowners association -- not all properties have them) on the property until you actually purchase the home. When you do complete the purchase, you'll get to write these expenses off your income tax, thus reducing your annual tax bill, and earning yourself potentially large tax refunds for years and years to come! Real Estate is the number one tax shelter accountants and financial planners recommend.

13. Pride of Ownership: It's a wonderful feeling to leave renting behind and become the owner of your own home. We've been fortunate to help many of our tenant buyers complete the purchase of a Rent to Own home and realize the great American dream of home ownership. Isn't it your turn?

We've always got Rent to Own homes available, with more coming in week by week. Visit our website to find out more: MyHappyHomeSolutions.com

Five More Advantages of Rent to Own

A week ago I wrote about five great advantages of the Rent to Own method of buying real estate.

Here are five more good reasons to consider this option when searching for a new home:

6. Time to Check out the House: When you Rent to Own, you have time to live in the home before making the full purchase commitment. This give's you time to find out all the pros and cons of the home before you buy. If you find things wrong with the home that you didn't see before moving in, you have the opportunity to resolve those issues, possibly by getting the owner to correct them, or by renegotiating a lower purchase price. If you find the home just isn't all you wanted it to be, you can simply stay in the home as a renter and/or find another home, without the full commitment of a purchase.

7. Time to Check out the Neighborhood: Just as above, when you Rent to Own a home, you'll have ample time to get to know the neighborhood, and the neighbors. The homes we offer for Rent to Own are typically in very nice neighborhoods, with good schools and friendly neighbors. By doing a Rent to Own on one of these homes, you'll have the opportunity to verify that for yourself before making the full purchase commitment.

8. Control: When you Rent to Own a home you control the property in the sense that, while you are renting, the home cannot be sold, except to you -- if you choose to buy. You are in control of the destiny of that home during the period of your Rent to Own contract!

9. Time to Obtain the Best Financing: While you are renting in a Rent to Own home, you have time to shop around for the best mortgage rates, the best terms, the best interest rate. We work with many different mortgage brokers, and while you are not obligated to work with any of them, we're happy to give you a list of professional mortgage brokers who can work with you to get the best deal.

10. Leverage: When you Rent to Own a home, you are typically putting down much less to purchase the home than in a conventional mortgage or purchase. The less money you put down toward a home, the more "leverage" you have. In other words, the more profit through appreciation you stand to make with the least amount of up-front cash at risk. In any investment situation, making more off less is preferable to making some off a lot of up-front cash.

We always have Rent to Own opportunities available. Visit our website to learn more: MyHappyHomeSolutions.com

Five Great Advantages of Rent to Own

There are many advantages to buying a home through the Rent to Own process. Whether you call it Rent to Own, Lease Purchase, Lease with an Option to buy, or by any other name, there are many good reasons to move toward home ownership this way.

Here are five good reasons to start with:

1. Low Down Payment: A conventional purchase of a home requires a substantial down payment, sometimes as much as 20 to 30 percent of the purchase price. If you don't have a spare $40,000 or more burning a hole in your pocket, Rent to Own is your ticket to home ownership.

2. Rent Money Is Working For You: Rich people know that putting their money to work is essential to financial stability. When you enter into a Rent to Own contract, you are putting your rent money to work for you and your financial future. In most Rent to Own situations, a portion of your monthy rent -- sometimes even 100 percent -- is credited toward the purchase price of your new home.

3. Option Consideration is Credited: The money you put down toward a Rent to Own home is called "option consideration." This money goes toward the purchase price of the home, and the amount you put down is then increased with monthly rent credit as well.

4. Purchase Price is Locked In: In most Rent to Own agreements, the purchase price of the home is locked in for a specified period of time. This is typically one year, though it may be more. In some cases the price may increase after one or more years, but you'll still have the benefit of locking in a reasonable price.

5. Appreciation: After several lean years, the housing market and home prices are now back to what they have done for the majority of the past 200 years in America -- appreciate in value! Yes, home values are rising nationwide and have been doing so since early 2012 or even 2011 in some markets. If the home you Rent to Own appreciates while you are renting, you will have earned valuable equity even before you've completed the purchase!

We always have a variety of Rent to Own homes available, with more coming in week by week. Visit our website to see what's available now, and be sure to join our mailing list so you won't miss any good opportunities!

Stop by our site today: MyHappyHomeSolutions.com

Rent to Own From the Buyer's Viewpoint

Who is a candidate for Rent to Own?

Generally this is a person who can't purchase a home through conventional means (or is just too smart to want to). This buyer does not have a large enough down payment, poor credit, high loan to debt ratio, or 20 other reaons that make the traditional purchase of a home impractical.

The buyer is aware of the advantages of home ownership (tax shelter, appreciation, security, etc.) and is eager for a chance to get involved in a home of his or her own. This property is their potential new home and their rent money is working toward the down payment or off the sales price.

Everyone is happy because all parties are getting what they want from the transaction -- the buyer is able to take an ownership interest in a home while still renting, and the seller is able to find a quality tenant who is eager to purchase the home.

The lack of third parties such as banks, mortgage brokers, lawyers, and complicated escrows enable the seller to be flexible with the price and the terms, and the buyer to avoid the usual road blocks of home ownership.

We always have Rent to Own homes available, from condos and townhouses, to single family homes in a variety of price ranges. And we get more on a weekly basis.

To find out more, watch our video "How Rent to Own Works" in the top right corner of our website: MyHappyHomeSolutions.com

Thanks to Claude Diamond for some of the above!

Should You Rent-to-Own a Home?

Rent to Own has been around for decades. The housing and credit market crunch of the past several years made it a more popular method of getting into home ownership. Here is what Fox Chicago recently had to say on the matter:


Should you rent-to-own a home?

By Andrew Housser

It's a buyer's market right now in real estate. This is good news if you're in the market for a new home, but bad news if your credit rating prevents you from qualifying for a loan. Yet even if you've had some setbacks, it may still be possible for you to realize your dream of home ownership. The option to rent-to-own or lease a home has risen in popularity over the last several years, in part because it benefits both buyers and sellers. Renting (or leasing) can be a good stepping stone toward home ownership, but before you sign on the dotted line, find out the answers to these all-important questions.

How does rent-to-own work?

As the prospective buyer, you sign a contract agreeing to pay an option fee (generally around $5,000 for a low- to mid-priced home), as well as rent and rent premiums to the home seller. The homeowner will put your rent money toward his mortgage expenses. The extra rent or rent premium, if any, goes toward your future purchase of the home. The option fee will become part of your down payment when you buy the house, but the seller can keep this money if you back out of the purchase.

Who should I consult before signing?

Because there's no standard rent-to-own contract and every state has its own regulations, you should talk to an attorney or a real estate agent to ensure you fully understand the financial implications of the contract. This process will also ensure there aren't any problems with the home's title and that it's not in foreclosure. Get a home inspection and appraisal -- just as you would if you were buying the home right now. And talk to a mortgage lender to determine what you need to do to qualify for a loan when your rental option is up.

Is this a good option for me?

Rent-to-own or lease options give you an opportunity to save up a down payment while working to up your credit score. If you were to pay a $400 monthly rent premium on top of a $1,000 monthly rental payment, you'd have $4,800 saved for a home purchase after one year. Add that to your option fee, and you'll have close to $10,000 already saved for your new home. Renting also enables you to try out a home and surrounding neighborhood before buying.

What are some of the cons?

Before entering into a rent-to-own agreement, you and the seller must decide on the purchase price of the home. Leasing options usually last for one to two years, but can last for three to five years, and the housing market can change significantly during that time period. As a renter, this can work to your advantage if the market improves and the home's value increases above the agreed-upon contract amount (clearly, that's a negative if you're the seller). Of course, the home could be worth less than the agreed-upon price by the time your contract is up. At this point, you can either try to renegotiate with the seller, go through with the purchase as is, or move out and lose your investments.

What are my rights as a future home buyer?

Until you purchase, you are still a renter and subject to all rules that apply to renters. You can be evicted for failing to make rent payments on time. If that happens, you can also lose your upfront fees and rent premiums. If you still don't qualify for a loan at the end of the rental agreement, you may have to forfeit the extra cash you've invested.

What should I know if I'm the homeowner?

Renting to potential home buyers can be a good decision if your house has been on the market for a while, the housing market in your area is stagnant, or you must relocate quickly for employment or other reasons. The rent income can help cover your mortgage, freeing you to move to your new location. Another upside: Potential buyers are more likely to take good care of your home, since they hope to call it their own someday. But if your renters can't make their payments, you could be liable for two mortgages, a situation that could lead to financial difficulty, and in some cases, foreclosures.

Buying a home may well be the biggest purchasing decision you'll ever make, so it's important to carefully weigh the pros and cons of renting to own. Talk to a real estate expert who can help you determine whether renting-to-own is right for you.


We always have Rent to Own homes available, with more coming in weekly. To see what we have available right now, or to join our mailing list so you'll be alerted to new Rent to Own opportunities, visit our website: MyHappyHomeSolutions.com

Buyer Benefits for Rent To Own Homes

There are many benefits to buying a home through the Rent to Own process, especially if you can't currently qualify for a mortgage, but don't want to just throw away money making the landlord rich, while you end up with nothing.

Here is what Zillow has to say about the Benefits of Buying a home through Rent to Own:

• Opportunity to Own Your Dream Home. Many people find their dream home but need time to make their purchase. The Rent To Own purchase not only allows you to have that time, but also allows you to live in your home before you decide on exercising the option to purchase.

• Make Your Rent an Investment. Both a portion of your monthly rent and your entire down payment at closing will be credited to your purchase price at the time of sale.

• Potential to Own With Any Credit. Whether you’ve had late payments, a bankruptcy or simply haven’t had enough time to build up your credit, a Rent To Own home may enable you to build equity and repair credit while renting to own your home.

• Maintain Your Flexibility. Rent To Own enables you to build your equity in a home, but also gives you the flexibility to walk away from the property at the end of your lease term, should you decide you don’t want to make the purchase.

• Profits from Appreciation. The purchase price is fixed in the beginning and is not negotiable after an agreement is signed by both the buyer and seller. Fast growth markets may enable extra equity gains for the buyer.

• Upfront Timing. The timing for moving into a Rent to Own home can be much shorter than purchasing a home, as much of the paperwork takes place at the end of your lease, should you exercise your option to purchase and be approved for a mortgage.

• Credit Improvement Specialists Available. There are credit experts that can help you build your credit to the point of making a purchase at the end of your lease.

• Preparation for Home Ownership. The Rent To Own process affords you, as the buyer, the opportunity to prepare for what is necessary when owning your own home. Typically, you will be responsible for the daily maintenance and upkeep of the home and yard depending on the terms of the Rent To Own agreement.

• Privacy. The renter is not the owner on the deed in public county records.


We have Rent to Own homes available now, and always have more coming in, week by week. Take a look at our website to see what we have available now, and if you're not already on our mailing list, join so you can find out about newer Rent to Own homes -- sometimes even before we post them on our site or begin marketing them on the Internet.

Go here to find out more: MyHappyHomeSolutions.com

The American Dream... deferred?

Do you dream of owning a home but your credit is not good enough to qualify for a loan?

You are not alone. Millions of Americans have credit scores that have been decimated by medical bills, credit card overspending, unforeseen emergencies and more.

Does that mean you have to wait to own a home?

Not anymore. Even as banks get more strict about their lending rules and fewer and fewer loans are approved, savvy buyers are learning there are more creative ways to buy a home besides just qualifying for a bank loan.

One of the best ways to buy a home and start building equity NOW is by renting to own.

You are probably renting already. Imagine if half or even all of your rent was going directly to pay for the purchase of your home! You can qualify for that as a rent-to-own tenant, even if your credit score is low.

There are three major factors that determine if you can rent to own:

1) Can you pay your rent ON TIME, EVERY MONTH in order to earn your rent credit of 50% to 100% towards your purchase price?

2) Can you handle your own REPAIRS AND MAINTENANCE on the home just as a fully vested homeowner would?

3) Can you pay 3 to 10% option consideration up front to move into your dream home?

If you answered yes to these three questions, then you have taken the first important step to becoming a homeowner.

Don't let the economy, your friends or the media tell you that you can't have the American Dream, or that you have to wait. There is no need to defer your dreams; you can buy now!

At Happy Home Solutions, we help renters stop throwing their money away on rent by moving them into rent-to-own homes.

We just helped a couple from Cicero, Illinois move from a third-story walk-up apartment to a beautiful, 3 bedroom, fully rehabbed house in Waukegan, Illinois for a payment that is LESS EACH MONTH than they were paying in rent!

In my next post, I will provide a link of Marlena describing how excited she is to be purchasing her first home.

Let us help you be our next success story.

Contact Diane St. James at dianej-stjames@usa.net or 630-780-HOME to take that first step toward YOUR American Dream.

Even the Mega-Rich Rent to Own their Dream Homes!

Why Do Even the Mega-Rich Often Rent to Own Their Homes? Because it Makes Sense. On many levels.

* Get to experience the home and the neighborhood before you commit to the actual purchase.

* Instead of just throwing away money on rent, which you will never get back, you can apply part -- or sometimes even ALL -- of your rent payments toward the purchase price of the home, helping you build up the down payment amount mortgage brokers and banks will require you to put down before they give you a loan. Is there any other way you are going to save up $10,000 or $20,000 or more?

Here's a Rent to Own success story about the former President of Facebook (now a mega-rich investment fund director, and founder of the newly popular music-sharing website, Spotify) and how he rented his new $20 million dollar home from some other mega-rich person before finally making the purchase,

Sean Parker, Spotify and Founder's Fund
Location: New York
Cost: $20 million
Bedrooms: 6
Bathrooms: 7 full, 1 half
Square footage: 7,500

Sean Parker disputes his bad boy portrayal by Justin Timberlake in the 2010 film "The Social Network." But the former Facebook president and Napster co-founder is certainly living it up in his new home, a $20 million West Village townhouse known as the Bacchus House.

Formerly owned by Italian liquor heir Enrico Cinzano, it includes an indoor pool and gym, garage, theater, a chef's kitchen and an elevator.

Parker, now a managing director at the Founders Fund, a San Francisco venture capital firm, and a director of Spotify, an online music service, PURCHASED THE HOME LAST YEAR, AFTER RENTING IT FOR SOME TIME, and throwing his share of over-the-top parties.

Call us at 630-697-4500 and we'll help you rent to own your dream home too!

Adam and Diane St. James
MyHappyHomeSolutions.com