"Rules of Success" with Neil and Rachel Oliver , Managing Partners, Clover Properties Rent-to-Own.
Rule Number 8:
TREAT A RENT TO OWN AS IF YOU ARE BUYING YOUR OWN HOME
It always amazes us how many people will put down a $10,000 down payment and sign a three-year contract after only a 20-minute glimpse at a house. The truth is, these homebuyers typically do not succeed with rent to own. Why not? They do not treat a rent to own house as if they are buying the home with their own mortgage. Remember rule number 1? Is your goal to become a homeowner? With that in mind, treat this transaction as if you are the purchaser. What does that mean exactly?
First, find a home you absolutely love! Can you see yourself enjoying it for at least five years? Second, take the time to inspect the home before you sign any agreements. Hire a professional home inspector. If you choose to save money and bring in friends or family members to inspect the home, are you confident they know what to look for? Take extra precautions not to buy into a money pit, especially if the house is more than 15 years old. Repair costs can end up costing you the house if your monthly income falls short.
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#renttoown #achieveyourgoals #homeownership
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1yThe Forced Savings Feature is beneficial for people who find it challenging to save money consistently or lack the discipline required to build a substantial down payment on their own. By incorporating forced savings into the rent-to-own program, tenant-buyers have a structured and automatic way of setting aside funds for their exit from the program and take control of their life goals. This set it and forget it feature really does pay off. #renttoown #achieveyourgoals #forcedsavings