Things to look for when renting to own a home in Gloucester County, 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 Gloucester County rent to own houses.
3 Things To Look For When Renting To Own A Home In Gloucester County New Jersey
1. Find The House You Want To Live In Long-Term… Not Just Rent
The rent-to-own and lease option processes are frequently misunderstood by many individuals who are trying to decide if it is better for them to just rent or “rent to own” a property. Don’t look at it as if you’re trying to find a house that you can rent for a short period of time.It goes without saying that you ought to look for a house that is one that you would like living in for a longer period of time (at least five years).
Why?
Since you are aware that renting a property is only a short-term solution, you are likely to make do with one that does not meet all of your requirements.
But considering that you want to get a property to live in for many years to come with a rent to own arrangement, the house you choose should be one that you can envision you and your family living in for many years.
You are renting a property with a “rent to own” option; but, in the event that you do decide to exercise the purchase option at the conclusion of the lease period, you should pick a home that you would be happy to live in for a number of years.
2. Terms That Fit Your Goals And Needs as A Gloucester County Home Seeker
The purchase agreement that is included with each rent-to-own home in Gloucester County is not always the same. Consequently, it is essential that you investigate the conditions of the leasing agreement in addition to the terms of the purchase option.Because you are essentially paying a premium for the opportunity to potentially own that house at a predetermined price in the future, the monthly rent with a rent to own agreement tends to be a bit more than with a typical rental agreement. This is because the landlord is giving you the option to buy the house at some point in the future. That carries a significant amount of weight with it.
However, rent-to-own arrangements should also provide you with some degree of flexibility that safeguards your interests. Check to see that there are no additional costs if you decide not to go through with 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 everything in writing regarding who is responsible for these sorts of items during the term of the rental agreement.
3. The Value Of The Home – The Value Going Up?
One of the big benefits of a Gloucester County 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 Gloucester County New Jersey 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 Gloucester County Rent
To Own Homes Below!
If you have any further inquiries regarding the rent-to-own process, feel free to contact us at any time at (856) 265-7657.
Click the link below to view what rent-to-own homes are currently available in your area and to be added to our local rent-to-own home list for Gloucester County.