If you’ve decided to rent to own a home, you may be wondering what the next step is and in need of resources and advice. The options available to you are endless, and often so are the questions when just starting out. Luckily, we have developed a list of commonly asked questions.
Is credit score important?
The importance of a good credit score can not be underestimated in the housing market. Luckily, rent-to-own homes tend to need less-than-perfect credit scores than traditional methods of homeownership. However, this doesn’t mean that your credit score isn’t important, or won’t be. Often times you will live in the home and pay credit toward ownership, but will need to improve your credit before you can purchase the home.
Does the economy matter?
When renting to own a home, you determine the price of the home that you will pay in a set number of years. The economy can fluctuate up or down but your pre-agreed purchase price will remain the same. Like home-ownership, this can be a benefit or a drawback when it’s comes to renting to own as you want to get the best price possible.
What resources are available?
There are many resources available to help you on your quest to rent to own:
IRTO Blog: A free resource on rent to own information, news, trends and just tips or renters.
IRTO Guide: A more in-depth article library on all things rent-to-own This will answer more specific questions you have on renting-to-own and the process.
IRTO Homes: IRTO provides an extensive inventory of rent-to-own homes. Browse through our list to get connected with properties in your local area.