Rent-to-own is a type of lease that gives the tenant the option to purchase the property at the end of the contract. Rent-to-own contracts are often used in situations where tenants may not have enough money to purchase a home outright, but they want to live in a certain Atlanta community or neighborhood.
Some landlords in Atlanta use rent-to-own agreements as a way to cover their mortgage payments while they wait for their property to sell. Other landlords may use rent-to-own agreements because they need money quickly and don’t want to wait several months for an appraisal.
Rent-to-own contracts can be complex, so be sure you understand all of the terms before signing anything.
Here are some of the benefits of rent to own in Atlanta:
Flexibility: When you own a home, you have a lot of responsibilities and if something unexpected happens during the time that you’re planning on owning it, you could run into some trouble. Rent-to-own homes allow you to make payments without being locked in to an exact length of time or an exact mortgage rate. This means that if something happens and you need to move on sooner than expected, it’s less stressful.
Security: If you don’t have all of the money saved up yet for your down payment and closing costs when you take out a mortgage loan, there’s no way that lender will give it to you unless they’re sure they’ll get paid back eventually (which usually involves putting up collateral). But with rent-to-own homes, there’s no collateral required you just pay as much as possible each month until your purchase price has been satisfied by those payments plus interest charges (if applicable).
- You don’t need a large down payment because your monthly rent payments are going toward buying the home over time.
- You can stop paying rent if you decide not to buy the home at the end of your lease agreement.
- You don’t have to worry about selling your current home before moving into another one!