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Should you search for a rent-to-own home?

Short answer: Sure, if you don’t have great credit or can’t get a traditional mortgage, definitely look into it.

Long answer: The probability of you being able to find a rent-to-own home is already slim. The chance that you can find your dream home with a homeowner who is willing to take the financial risk without making you suffer is extremely unlikely. A majority of buyers who are looking for rent-to-own homes aren’t as well qualified for a home loan as a traditional buyer so the landlord is going to make the terms of the agreement more favorable for himself and less for the buyer. You will be expected to pay a much larger down payment and will be charged a higher interest rate than the bank would charge you just to compensate the owner for the financial risks they are taking. Also, keep in mind that homes that have been rentals are generally not maintained nearly as well as a traditional owner home.

Before you go down the road of looking at rent-to-own homes, visit with a lender to see if you and what you qualify for. I would recommend a traditional sale any day of the week over advising someone to get into a rent-to-own situation. If you have more questions about this or want more info, contact me at bethrichardson@movingtominnesota.com

If you need a lender referral, I cannot recommend Lisa Wells with Waterstone Mortgage enough! Visit her website here to get started on the pre-qualification process or contact her at 952.479.2854

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Brianna Hendrickson

Brianna is the Listing Manager for our sellers. She is responsible for all of our seller files and coordination of work for our seller clients. The personal attention she gives to our seller clients is amazing! Each client's file is shepherded through the process of home preparation, marketing, negotiating, and closing with attention to detail at the highest level possible. She can be reached via email at Brianna@movingtominnesota.com or via text/cell at 651-295-9544

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