Rent to Own Condos
If you really want to own a condo but do not have the cash, have you checked out rent to own condos? Rent to own condos allow you to get into ownership much faster than the standard way. If you’re looking to buy a condominium and you’ve never gone through the process of owning real estate, the best thing is to understand the process. Let’s break it down.
You find a condo in your area that you want to buy. It costs $200,000 and you don’t have it. How do you buy it? Normally people purchase property by paying for a small percentage of the real estate with cash and they go to the bank to finance the rest. Typically if you’re going to live in the condo, the bank would probably finance 95% of the transaction allowing you to buy the condo with 5% down or $10,000. What if you don’t have the $10,000? The next step is look for a rent to own program.
Rent to own condos allow you to live in the condominium before you purchase it. The way it works is you negotiate the price you’re willing to pay, the rent your willing to pay, the length of time that you’ll be renting until you have to exercise your option to buy and how much of the rent will go towards the down payment. These are the four things that you need to get done first. Once that is handled, the attorneys will finalize the real estate contract and you’re all set. You move into the condominium and start paying rent. Each month you pay rent, a certain portion of that will go toward the down payment. By the end of twelve months you should start to see a substantial accumulation. Then the moment of truth will come where you’ll have to make a decision if you want to buy your condominium. The nice thing about it at this time is you’ll have lived there for more than a year and you’ll really know the scoop on the condo.
Condos that go through the rent to own program allow many buyers to buy. The programs allow people even with bad credit to buy because it gives them time to clean things up as they’re going through the rent to own programs. Call you Realtor today and ask about the condos that are available through the rent to own condo program.
