Owning your own home can be a truly rewarding experience, and comes with it’s own set of pros and cons to consider. One of the larger mistakes people make when purchasing their first home however, is biting off more than they can chew and ending up with a bit too much house than their wallet can afford. This situation can ultimately end in foreclosure of the property. Rather than buying a home too early and ending up in a difficult situation that may prevent you from owning another home in the future, you should consider renting-to-own which would allow you to take advantage of the flexibility of renting while working toward ownership of the home. This helps ensure that once all the happiness and excitement of your new home purchase wears off, you are not left with an empty wallet and lots of regret.
Renting-to-Own allows you to familiarize yourself with your new location:
Even if you are somewhat familiar with the area ahead of time, there may be little things you are unaware of if you don’t live in that neighborhood. It’s always a good idea to rent first so you can understand what the neighborhood and your neighbors are like ahead of time. If you buy a home and find out your next door neighbors are having giant parties every weekend and waking up your newborn for example, it is too late to back out of the purchase.
Renting-to-own relieves some of your financial burden:
Renting-to-own is less of a financial burden, so if you are still finishing college or waiting to get to where you want to be in your career, you can work through this transitional phase without the extra stress of actual home-ownership. Plus waiting to buy until you have secure employment will work out better when applying for a mortgage.
Less Repairs and Maintenance:
It’s like living in an apartment, but in this case you are living in a house you are working toward owning. Often all of the maintenance responsibility falls on the owner’s shoulders during the rent-to-own agreement. This means that you don’t have the financial burden of unexpected repairs, but get to reap the rewards of a well-maintained house.
In conclusion, renting to own removes a lot of the burden from you and puts it on the owner while you get to enjoy living in a house that you can one day call your own.