Things To Look For When Renting To Own A Home In CT

Renting to own a home in , or any city for that matter, isn’t a new concept… but the whole process of “renting to own a house” is a process that most people have questions about.

Well, you’re in the right place!

This article will walk you through what to look for if you’re looking for rent to own houses.

1. Find The House You Want To Live In Long-Term… Not Just Rent

A lot of people who are deciding whether they should just rent or “rent to own” look at the whole rent to own / lease option process in the wrong way. Don’t look at it like you’re looking for a house to rent for a little bit.  Of course, you should find a house that is one you’d love to live in for a longer period of time (no less than 5 years).

Why?

Because with rental houses, you know it’s a temporary thing… so you’ll settle for a house that is less than ideal.

But since you’re really looking to get a house to live in for years and years with a rent to own… it should be one that you can see your family in for years.

Yes, you’re renting a “rent to own” house… but you should choose a house you’d be glad to live in for years just in case you do exercise the purchase option at the end of the lease term.

2. Terms That Fit Your Goals And Needs as A Home Seeker

Not all rent to own houses in have the same contract that goes with them. So make sure to find out the terms of the rental agreement and the terms of the purchase option as well.  Usually the monthly rent tends to be a bit higher with a rent to own agreement vs. a normal rental agreement… because you’re basically paying a premium for the ability to potentially purchase that house at a pre-determined price in the future. There’s a lot of value in that.

But with rent to own agreements you should also have some flexibility that protects you. Make sure there are no fees for not exercising the purchase option at the end of the agreement.

Also clarify with the owner of the house on who will pay for things during the rental term like…

  • Maintenance
  • Lawn care
  • Insurance
  • Repairs
  • Upgrades inside the house (new appliances, paint, etc.)

Get it all in writing who’s in charge of these kinds of things during the rental term.

3. The Value Of The Home – The Value Going Up?

One of the big benefits of a rent to own home is the ability to lock in a home at a set price well in advance of you having to purchase it.

With a rent to own house contract, you agree on a monthly rental rate… a term of that rental (usually 12-24 months)… and a purchase price at a future date.

Because of this the purchase price usually doesn’t come at a discount for you… but, if you buy in the right CT neighborhood (one that is increasing in value)… you could be earning instant equity if you decide to purchase the home at the end of your rental term.

See Our Current Rent
To Own Homes Below!

If you still have questions about the rent to own process just call us anytime at 800-523-4204.

And if you want to be put on our local Rent To Own Home List click the link below to see what’s available.

See Local Rent To Own Homes >>

About Jeffrey

Mr. Weiller has some 35 years of experience in the real estate and capital business which includes 100s of residential real estate investment deals putting deserving American families left behind by the mortgage crisis on a path to home ownership. Other experience includes secured financing deals ranging in size to $100 million, investment property sales, landlord representation, and tenant representation. Prior to forming NYCL. Up until the tragic events of September 11th, 2001, specialized in the World Trade Center submarket of New YorkCity and worked in the smoking aftermath helping surviving businesses relocate. Previously was business partner with one of the top dealmakers/leasing brokers in the country. Together completed many major transactions including: the sale of the Colgate Development Site in Jersey City, NJ, with 6 million square feet of development rights to Hartz Mountain/Leonard Stern, two 1 million sq. ft. leases with Prudential Securities and Paine Webber Securities for which entire office buildings were built and rebuilt around, the sale of 100,000 sq. ft. of air rights on Broadway to the Related Companies and represented VNU and Thomson Reuters Publishing, both major publishing companies, nationally in their multi-million square foot portfolios of real estate and has had daily dealings with major Manhattan and nationwide property owners and completed many tax lien foreclosures in New Jersey for his own account.

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