Rent 2 Own Homes in Orlando – what’s the catch? | Written by Eugene Hoffman

Rent 2 Own Homes in Orlando – what’s the catch?

Looking for a local rent to own house but aren’t sure how it works or if there is a “catch?” Read this article to discover what you need to know about local Orlando rent to own houses…

In the real estate market today, it is very tempting to follow through on one of those ads in the local paper or on Craigslist that are practically screaming a great deal of rent 2 own homes in Orlando Florida. 

This option can be a win-win for both parties, but is it always the best method to get into a great house?

Sure, you can’t sell your home right now, or if you’re the buyer, maybe you aren’t able to receive a home loan with bad credit.

You could be in a great home that you love and feel a sense of ownership (more than if you just rent a house the normal way) sooner than you thought!

Although, it is always recommended to ask these questions below when meeting with your possible rent to own seller.

Here’re a few important (smart) questions to ask a local Orlando rent to own house seller

“What is the length of the option to buy the house?”  –

With a rent to own house agreement (also called lease option home), it’s usually two parts. First, a normal rental agreement. Second, the option to buy the house at a pre-determined price at a date in the future. Usually, the time-frame is a minimum of 2 years.Anything less and you may not reach the credit score goal that you’re aiming for to purchase the home. You need this time to weigh your options and to see if things are looking up for you in the future. Of course, the longest option agreement timeframe can be the best for you… to give you more time to get back on  your feet credit wise or financially so you can get a traditional home loan.

“How much of my rent will be put toward my purchase price?” –

You can read horror stories all over the internet about how some tenants were strung along thinking that they were paying a higher percentage than what they actually were for their future home among other factors with this option.Ask the seller!Recent federal laws have made providing “down payment credits” from your monthly rent very hard… if not illegal in some areas and situations. Usually, the monthly rent on a rent to own house in Orlando is a bit higher than the monthly rent on a non-rent to own house (because you’re paying for the chance to purchase the house at a pre-determined price which ties the seller down as well).  So just make sure to ask the seller if any portion of the rent is able to be contributed toward the purchase price if you do decide to purchase the house when the option is up.
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