ArticleBliss Directory
Free Article Directory
 |
 |
 |
 |
 |
 |
 |
 |
Actions
Print Article
BookMark Article
Author Login 
Important
Existing members will have to use the lost password facility to get new username and new password
Welcome Guest! Please login or create an account.
If you do not have an account yet, you can register ( Here ), or you may retrieve a lost user/pass ( Here ).
Navigation 
- Home
- Privacy Policy
- Terms Of Use
- Submit Guidelines
- Learn More
- Top Articles
- Ebay UK Store
- Ebay US Store
Author Highlights 
David O Connell
Tuam
"David O Connell: How to write high quality articles fast and turn them into
high..."
Adam Drake
Will Clayton
Doug Collins
Georgetown
Other Websites 
What Is Rent To Own Housing
Author : Calgary homeowner
Blaine and Sandra Cameron have three children between 11 years and 4 years and have moved from six different rental properties in the past eleven years. Blaine opened a new business in summer 2008 and Sandra’s work has been sporadic as she has spent much time at home with her children. Eight months ago, they began investigating Rent to Own Housing. Their credit was poor, they could afford $2100 per month, and had saved a downpayment of $3,000. They are currently enjoying their rent to own home in Taradale, NE, Calgary.
Essentially, renting to own is as easy as it sounds. You, the renter, enter into an agreement with the seller to rent their home for a certain amount of time (3 years is a common length), and at the end of the agreed upon term, you will purchase the house. How is this any different from a standard purchase agreement you ask? Simple. Each month, a portion of your rent (called a credit) is put towards the eventual down payment on the house. Thus, when you are ready to purchase the home, you already have a sizeable down payment saved up.
If you are unfamiliar with the term “rent to own housing”, perhaps you’ve heard of lease option or lease to buy. These are all terms for the same thing.
It is unfortunate that with the availability of rent to own housing, many people still live day to day not realizing the dream of home ownership. The sad fact of the matter is that many people haven’t heard of rent to own housing, and many others shy away from the thought based on the misguided belief that rent to own housing is a scam.
A Rent To Own your home program is basically a lease with an option to buy contract.
There are two main parts to this. First you have a lease and then an option to buy contract for your home (generally the option to buy is 3 years). The option to buy contract is a contract in your favour, you get to decide whether or not to buy the home during the option period.
When you sign a lease with an option to buy contract, you must pay the landlord/seller an option payment. This money is your vested interest in your home and will be fully credited (100%) to your down payment of the home when you exercise your option (buy the home).
There is a minimum of cash out of pocket. With a lease and purchase option you pay only first month's rent and the option payment. The option payment amount is negotiable based on the price of the home and is usually between $3,000 and $20,000. However, please be aware that this money can only be used towards your purchase of your home and is not refundable.
Your credit problems are okay as qualification restrictions are not as strict as conventional financing. You will be approved at the discretion of the landlord/seller. Time is now on your side. Before you actually buy the home, you will have time to repair your credit and find the very best financing available.
You get peace of mind. You will have full control of the home and can maintain it or improve because it will be yours when you exercise your option to buy.
When it is time to buy your home you just finance it for the price as determined by the purchase option agreement signed originally.
Author's Resource Box
Here the author Bryon Howard of ReMax House of Real Estate, writes about Rent to Own Housing. Rent To own your home program is basically a lease with an option to buy contract The option to buy contract is a contract in your favour, you get to decide whether or not to buy the home during the option period. For more information on Rent To own housing, Lease to Own in Calgary.
Article Source:
Articlebliss
Tags: Calgary homes for rent, Best rental homes Calgary, Calgary houses for rent, Rent a house to own Calgary, Rent to buy home Calgary
Author RSS Feed
Category RSS Feed
Submitted : 2009-03-30 Word Count : 660 Popularity: 42 Times Viewed: 10
