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5Jul/09Off

Rent to Own Condos

Rent to own condos have become extremely popular because financing has gotten tougher over the last few years. Rent to own condo programs have allowed people to get into their condo easier by applying a portion the rent they pay monthly toward the down payment. The rent to own situation starts with finding a condominium that will fit under the program.  This has become popular as of late, so you shouldn’t have too many problems finding the rent to own condo.

Start with a multiple listing search.  Usually you will be able to unveil a few hundred.  It sounds like a lot, but when you break down all the areas in your metropolitan area, it may only uncover two or three in a particular neighborhood that you will want to own in.  If you can’t find what you are looking for, call a Real estate company that specializes in rent to own programs or condos.  Not only will they help you in breaking down the MLS search for these “rent to own” candidates, but most likely, they’ll have a number on condos that are not in the MLS that fit the rent to own criteria.

Rent to own condos are great for the young couple just starting out in life that want to get into home ownership but do not have the down payment necessary to own a condo. The rent to own program allows you to rent the condominium for a certain amount of time while you decide if you want to buy the condo or not somewhere down the road.  You are normally not contractually bounded to move forward on the purchase on the condominium.  The program is set up so you have the right to live in the contract while you are formally renting, eventually making a decision if you want to buy somewhere down the road.  This is great because you’ll really have a chance to get to know the unit, your neighbors, the complex and the neighborhood before you go through all the trouble of owning and then finding out later that you really do not like the condo at all.

Rent to own condos can be great for a number of reasons but the idea of being able to try something out before you move forward on it is huge. Most likely you’ll find out things you never could have about owning the condo until you actually do live in the unit.  Rent to own condo programs are excellent!

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