Hey pal,
There are different types of properties. They can be residential, commercial, rent to own homes, etc. All of them have their advantages and disadvantages. I picked my house type after deciding my plans for the future and analysing my current patterns. Read the paragraphs below to know the exact meaning.
What is the meaning of rent to own ?It is a documented transaction under which property is rented by an individual in exchange for weekly or monthly rent payment. Though, the renter will have the option to buy the property before the lease expires. It can be understood as the renter, buying the property with each rental payment.
Many lenders offer this agreement for other tangible products like electronics, home appliances, cars, bikes, etc.
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Features and advantages :A rent-to-own agreement has two parts. Those are a standard rental agreement and an option to purchase the property.
The price of the house is determined by the lender at the beginning of the contract. Though, there are many that determine the price of the house when the lease expires ie at the current market value.
Rent to own is also known as rental-purchase or rent-to-buy.
This agreement is perfect for those people who wish to own a tangible property but don't have the funds to purchase it outright
The nature of the agreement allows prospective owners to improve their credit scores and get a home loan.
This is all from my end on rent to own homes. I hope the concept is clear to you.
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Authors Of The Question
What is the meaning of rent to own ?
Twinkle
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2 Year
2022-06-12T17:12:17+00:00 2022-06-16T13:17:17+00:00Comment
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