Why Rent to Own Homes in MD are Better than Renting

Purchasing a home is one of the most important decisions you will make in your life and a number of factors will go into it. One important factor is your ability to get a mortgage, since buying a house becomes almost impossible without one. If you are unable to obtain a mortgage immediately, but still want some of the benefits of buying a home, rent to own homes in MD are always an option. When it comes down to it, rent to own homes allow you to temporarily avoid some of the problems that are associated with buying a home, while obtaining some of the benefits.

Improve the Property

A great thing about rent to own homes in MD is that you can make upgrades to the property and they will benefit you. If you are simply renting a home, it does not make any sense to make improvements to the property because you will be increasing the property’s value for the current owner. Once you move, none of this added value goes with you.

When you enter into a rent to own homes agreement, a portion of your monthly rent goes towards the purchase of the home. Then, once the agreement comes to an end, you can purchase the home. Therefore, if you choose to purchase the home, any improvements that you have made during your stay will benefit you directly.

Put Your Money Towards Something

Some people hate renting because it feels like the money is going towards nothing. It is just like staying in a hotel every night, since you are paying for a place to stay, but are not putting anything towards an investment. Rent to own homes in MD allow you to start working towards something immediately. Although only a percentage of the rent to own homes money goes towards the purchase price, it is certainly better than nothing.

Negotiate the Terms

Although you do not take legal control of the home until the rent to own homes contract has expired and you actually purchase the home, it is easier to negotiate the terms of your lease if you are planning to purchase the property. In many cases, you can bring pets or paint the walls in rent to own homes in MD without having to run it by the property owner first. Make sure that these clauses are in your written lease to avoid complications during this process.

Become an Owner

Becoming a property owner is a huge responsibility, but rent to own homes in MD allow you to ease into this stage of your life. If you are not happy with the property at the end of your lease, you can walk away from it without making the purchase. This gives you much more flexibility and provides peace of mind because you will know that the home that you are buying is right for you.

College Towns offer Attractive Real Estate Investments

Cheap homes in attractive areas have never been more prominent. Why not choose an area where long-term benefits or possibly retirement is an option? Statistics show that more and more baby boomers are looking to college towns, and foreclosure listings, as a permanent residence.

Looking for investments for future security is another reason to search foreclosure listings that can be rented out to college students or keeping and fixing up for like minded retirees. If renting is not your style, you can also find cheap homes to flip for a great profit. Old buildings and bare land are other ways to begin with your college town investment.

Before embarking on your search for cheap homes, check out the area first. Secondly, do your homework on the stability of the university and make sure they will be around for awhile. Small towns or prominent colleges with regular high enrollments are the best atmosphere for people looking for quality housing.

Discuss your options with a qualified real estate agent in the area after putting your finances in order. A sizable down payment and good credit will give you the opportunity to bargain. A seasoned realtor may also know of cheap homes or foreclosure listings about to hit the market, saving you both lots of time and effort.

College towns offer less fluctuation in housing. There will always be students looking for off-campus living, members of faculty and other college related residents that are interested in attractive, nearby housing. You may even have a child of your own that needs a place to live when going off to college. Making your investment move at this time can give you time to consider which investment direction to take once your child has moved on.

A good way to find cheap houses for rent or cheap houses for sale for your student is to sign up with RealtyStore.com - they offer special pricing for students and the military.

Buy a Home Using Lease Option (aka Rent-To-Own option)

Have you always dreamed of owning your own home, but current economic and financial woes has you stuck? Once touted as the American Dream, homeownership has become harder than ever to attain for a large number of people. Frozen credit and outrageous unemployment is leading many to look toward rent to own homes or lease options to attain their dreams.

The Rent-To-Own Process

Lease options or rent to own homes have really become interchangeable phrases, however in some cases there can be a difference. Buying a home via leasing or rent to own has many benefits for buyers and in some cases the seller as well. By and large, the process will go something like this:

• Purchase price agreed upon
• Down payment (if any)
• Length of agreement typically 1-3 years
• Buyer takes possession
• End of term- buyer is given the option to obtain financing and purchase the property
• Portion of monthly fees may be attributed to the down payment
• Buyer responsible for repairs, insurance and maintenance during occupation

Here's an excellent Guide to Rent To Own Agreements

Potential Pitfalls of Rent To Own Agreements

It is easy to see how beneficial lease options can be for both parties, but as a buyer, you need to be aware of possible problematic clauses in your rent to own homes contract.

• Void premiums- a portion of each months rental fees are usually set aside as a potential down payment. Some contracts stipulate that if your rent is late by one day or more, that months “premium” is forfeit.
• Lease Option- at the end of your contract there may be a lease option fee. You may feel like you are at the mercy of sellers in this regard, however always remember to choose terms that you will be able to fulfill.
• Foreclosure- one risk you want to avoid is losing your investment because the seller defaults on the current mortgage. Talk to your attorney about safeguards you can put in the lease options agreement.

Finding Rent-To-Own Homes

RealtyStore.com offers potential buyers a convenient database of homes for sale, many of which are lease options properties. Search homes across the country with this easy to use website, full of potential rent to own homes. Do not let your current financial crisis prevent you from achieving your dreams of homeownership; rent to own could be the answer you have been hoping for.

Cheap houses for rent in Cleveland TN

For consumers planning to relocate to the Cleveland, Tennessee area, a variety of living arrangements can be found in the area. Many consumers are trending towards rental properties and those who prefer renting can find many cheap houses for rent in Cleveland TN. Rent to own houses present another excellent option for homebuyers, as do for sale by owner homes, foreclosures and other nontraditional home buying opportunities. Consumers interested in rental options may want to take time to consider renting versus rent to own properties when relocating to the area.

Of course, renting cheap houses for rent in Cleveland TN does provide several benefits. Consumers like the fact that renting requires a much smaller initial investment upfront. Renting is attractive to others because they don’t have to worry about home maintenance. Some consumers just aren’t ready to purchase a home, whether they have bad credit or tough lending criteria make it difficult to get a home mortgage today. However, renting one of the cheap houses for rent in Cleveland TN comes with some drawbacks. The main disadvantage is that all the money spent on housing gives consumers nothing in return when they decide to rent a home.

On the other hand, going with rent to own houses offers some excellent benefits to prospective homebuyers as well. The rent to own option doesn’t require the upfront investment that traditional buying methods require. Buyers can pay rent each month while working towards purchasing the home. Instead of getting no return on the money spent on rent, part of the rent goes towards the actual purchase price of the home. Rent to own homes also give homebuyers the opportunity to get their finances in order to make the final purchase of the home. Although cheap houses for rent in Cleveland TN offer some attractive benefits, rent to own houses can provide a better option for individuals and families that want a cost effective way to relocate to the area.

HUD Homes – Great for Homebuyers but a Sign of a Failing Economy

The economy and the housing crisis have kept the prices of residential properties low. These low prices include HUD homes, which have abounded with the many foreclosures happening across the country. In a time when short sales, REOs, auctions and foreclosure listings are dominating the market, it can be quite confusing to make a choice.

HUD homes are homes that original had a FHA insured mortgage, but that mortgage has gone into default. While many feel that the huge foreclosure market, including HUD foreclosures, are a big sign of the failing economy, some economists feel that purchasing these homes can help turn the real estate market around. Others worry that the high percentage of foreclosures listings will cause the economy to take a further hit.

Whether or not purchasing these homes will turn around the housing market and the economy, they definitely offer some excellent benefits to homebuyers trying to find a great deal on a home today. Although dropping home prices may spell out further disaster for the housing industry, lower prices are making it easier for consumers to purchase homes right now.

With homebuyers finding traditional mortgages tough to qualify for right now, non-traditional options are becoming more popular. HUD homes offer buyers to purchase a home for a low price and these homes come with several other benefits as well.

First, HUD will pay up to 5% of closing costs on the home. This alone can save homebuyers thousands of dollars. Buyers can also enjoy the benefit of having a qualified real estate broker prepare and submit their offer on the home, free of charge. Even moving in to these homes can be faster, since homes have already had appraisals done on them.

Although these homes are purchased “as is,” they are often eligible for repair loans. These loans are often built right into the mortgage taken out, making it easy to complete the repairs needed to make the homes livable. Some great deals are available in this economic environment, making these homes an excellent option for many homebuyers to consider.

Those interested in finding HUD homes in their area will find it easy to find local homes by visiting RealtyStore.com. Realty Store offers a helpful search engine that is updated with the latest lists of HUD foreclosures. Prospective homebuyers can search by city, state, county and more, allowing them to find homes that fit their needs in their area. It’s the easy way to find HUD homes and other non-traditional buying options, all in one place.