Having Buyer Anxiety? Try Rent-To-Own
If the thought of purchasing your first home brings on anxiety about the responsibilities, financial and otherwise, you’re not alone. In fact, many first-time prospective buyers struggle with making the commitment. After all, a home is likely the most meaningful – and most expensive – purchase you’ll ever make, so it’s natural to feel the heavy weight of the decision on your first-time buyer shoulders.
If you’re unsure about whether you’re truly ready, a rent-to-own scenario can be an eye-opening experience. When you rent-to-own, you get to live on the property, maintain it and learn the ins and outs of homeownership while paying monthly rent, usually for anywhere from 12-36 months. When the lease term ends, you’ll have the opportunity to purchase the home before it’s available on the market for any other buyers.
Throughout the lease period, you may find you’re comfortable as a homeowner. Conversely, you may learn you would rather not undertake the necessary maintenance or financial responsibility at this point in your life. Either way, rent-to-own allows you to be in the driver’s seat as you navigate the best decision for your lifestyle and finances.
Additionally, renting-to-own gives you time to improve your finances while you’re weighing your options, which could lead to a lower interest rate if you decide to apply for a home mortgage in order to buy the home.
If you’d like to gain more certainty about your readiness to own your own home before actually committing, a rent-to-own contract may be a useful option for you. Just be sure to consult a licensed realtor or real estate attorney to examine the legal agreement before signing on the dotted line.
Image via Flickr/wyliechang