Are You Ready to Rent to Own?

We get calls every day from people who want to Rent to Own their next home. Some are really motivated, and some are just trying to learn how Rent to Own works. We're happy to help either person understand how Rent to Own works, and to decide if they are ready to look for a Rent to Own home now, or if they need to set Rent to Own as a goal for the near future.

Why You Should Consider Rent to Own, or Owning a Home in General

Home ownership is one of the key aspects of the American Dream. The pride of ownership is a tangible feeling, a good feeling you truly do have when you own a home, instead of just renting it. It does feel good to fix up a home for your family, knowing that you own it. It does feel good to landscape a property so it has "curb appeal."

It is a pride thing. It does make you feel good. It makes you feel more accomplished, more stable, and more secure. It can even start you and your family on a path toward higher expectations for yourself, bigger achievements, loftier goals.

Home Ownership Isn't Always Easy

There's no doubt owning a home gives you stability and security that you simply do not have as a renter, but home ownership isn't always easy. But then nothing worthwhile in life is easy. Some times you have to push yourself a little harder for the good things in life.

Overspending on Doodads...

If you're regularly spending money on doodads -- you know, stuff -- you're probably never going to get out of the rental rat trap. If you really think you have to have those $100 gym shoes, or that big screen TV, or a brand new car, but you don't have any money saved up to put toward a down payment on a home, well, you're probably never going to get there. You don't need more stuff.

Putting Money Aside...

It isn't easy to accumulate the money needed for a down payment on a home. A traditional mortgage lender (ie., a bank or mortgage broker), usually looks for you to have 10 or 20 percent of the cost of the home as a down payment. Unless you're making thousands more in salary every month than your total monthly expenses -- and not very many people are -- you're looking at a long road to save up that down payment.

But if you can find a way to cut some of your expenses, and possibly improve your earning situation -- maybe by going back to school or learning a new skill -- you can start putting money aside. And once you get going toward that goal, you'll be surprised how excited you'll become as your savings grow. This by itself will give you a great feeling of accomplishment.

How You Can Rent to Own 

Rent to Own homes typically don't require as much money down as a traditional bank loan style mortgage. You won't have to save up as much, but you will need to have some money available. The typical Rent to Own home requires approximately 3 to 5 percent up front. This is called "Option Fee." It gives you the option to purchase the home in the future at a price you can lock in today.

Most of the homes we have available as Rent to Own require a minimum of $5,000 option fee plus the first month's rent. More expensive homes will require more option fee. Every home is different, and everything is negotiable.

If You're Not Ready To Rent to Own Yet

Maybe you need more time to build up the required option fee for a Rent to Own home. If so, that's OK, we can help you find a regular rental and advise you on getting into a Rent to Own home in a year or two. While you're increasing your savings, you'll also have time to improve your credit score, which will also help your situation.

Let Us Know What Kind of Home You're Looking For

Whether you're ready for Rent to Own or not, let us know your situation and we'll find you a nice rental, or a Rent to Own home you will eventually purchase and call your own. You can start by completing our application (CLICK HERE) or by calling Adam at 630-697-4500.

We'll let you know what homes we have available now as Rent to Own, or we can set up an MLS search of regular rental properties that meet your specific criteria.

Visit our website for more information: MyHappyHomeSolutions.com