Live Your Dream With the Rent to Own Scheme

Live Your Dream With the Rent to Own Scheme

What according to you can be the 5 things that a person can long for all is life?

A happy family.

A good and understanding spouse

A high paying job and an encouraging boss

Few true friends

A house of your own where you can dwell "happily ever after".

Some people might change the order of their preferences. For some the beginning of a happy life can start with the owning of their own house. But is it always possible for someone to pay the entire sum together? In most of the cases "no". Some again take the refuge of lending from the banks. But with the on-going credit crunch banks are not ready to lend to people with a poor credit history. In the present scenario a fat down payment is mandatory for the banks to lend you money. So does that mean an end to your dreams? Do the aspirations of owning a house end here?

Give your mood a lift for this is not the end. With estate agencies offering the scheme of "rent to own" your dream to own a house can always come true. It includes no unnecessary heavy down payments and you are in possession of your house since day one.

The scheme is beneficial to all who do not have a good credit history or cannot make down payments. The scheme needs you to firstly select a house of your preference and in your preferred location. A deal is drawn between the buyer and the seller which mentions the price and the time of possession; which might be 5 years from the present time. You take possession of the house immediately after this but as a tenant and on a fixed rent.

Now, you might be wondering if the rent you pay counts towards the price of your house. You are right. Te rent you pay for the five years gets deducted from the price of your house at the time of possession. That is not all. Say, you rent the apartment/house you wish to buy in the year 2005 and the price fixed in the deed is 100,000. According to the contract you remain in the house as tenants for the next 5 years at the end of which you take possession by paying the remaining amount. Now in these 5 years if the price of your property appreciates to 150,000 you do not have to pay that. You retain the difference in the price with you. The rent fixed is often less than the market rate. Let us hypothesize that the rent fixed for the next five years is 700 per month. That amounts to 42,000 in 5 years. This amount gets deducted from the actual price i.e. 100,000 at the time of possession. The time decided by you for the possession can always be longer. That is to say; you can always take possession of your house in 10 years if you so desire.

So, dear friends the next time you want to buy a house don't think too much. Go for an easy rent to own scheme and get your desired home in your desired location at an ever affordable price.

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