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Whenyou find yourself at some degree in your life when you are prepared to purchasea home, however you do not have favorable credit or an initial payment to makeyour wish possible. One option is to rent to own a home. For the propertyowner, it is a method to get extra earnings from the property while you rent,also it can promise him a great cost when he markets it. For you, it can be anoption of developing your financial position so that you can buy right at theend of the contract. The following shows how you possibly can rent to own aproperty of your own. 1. Ask for advice fromcreditor before you start. Your financier can provide you evaluation of howlikely it is that you will be in a position to meet the requirements for a homeloan in a year or two. You can help out by placing your financial details andprospects together in an arranged style, get a version of your credit profileand generate an authentic financial plan for the next couple of years. 2. Do a search for homesavailable in the market on a rent-to-buy concept. A good number of propertyowners who want to lease on a rent-to-buy policy will probably promote in localpublications or even real estate newspapers. You may be able to come across propertiesvia real estate agents. Put your effort with this particular. Keep in mind youaren't trying to find just one single more place to rent--you are searching fora residence you may reside in for decade or a lifetime. 3. Check out the totalcost of the property, and compare it to those in the nearby area of similarbuild. A little comparison shopping is important to ensure that you get a gooddeal. Don't take the word of a real estate representative who might have hisbest interests at heart. Always keep your own personal interests in mind, andmake absolutely sure the selling price reasonable and more competitive. 4. Take intoconsideration the duration of the lease. It is usually at least one year,however a two- or three-year contract is better. The longer term will provideyou with enough time to improve your credit rating and financial position. 5. Work out the terms ofthe agreement with the property owner. Request what you want. Ask for just alittle bit greater than what you want to be able to entrust discussion room,but don't get too extreme to prevent getting an owner turn his back to youtotally. 6. Negotiate thepayments you are going to make. There are actually three parts to what you paywhen you rent to own a house. The rent is just one, but you will in additionhave to pay a premium, which will be carried out on the acquisition costs ifyou purchase the residence. Additionally there is an alternative charge toconsider. This can be 3 percent to 5 percent of the cost of the house, and itwill also apply to the purchase if you do buy. 7. Get your own legalrepresentative examine the rental agreement right before you sign it. All theterms should be explained understandably. It is important to have an exclusiveright to purchase at the end of the contract. Review the terms, and make sureyou really can afford to make all the obligations required by the agreement. 8. Take very good careof the house just as if you already owned it. After all, that's the entireplan. There are limitations to this, certainly. The property owner will beliable for the majority of the routine maintenance, and you don't want toinvest in any specific renovation unless you actually own the property.Otherwise, handle this dwelling like you already own it. 9. Exercise youralternative to purchase. This is certainly the objective you are strivingtowards when you rent to buy a property. You may find a significantly betterhouse for a better deal, and you may prefer not to buy. Simply remember thefact that you will definitely lose all costs and charges paid out on top of therent.
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