Owning a home is a dream come true for many people. When you are ready to put down some roots, it can be extremely frustrating when you find the perfect home yet lack the down payment or a high enough credit score. These are just a few reasons why you should use a rent to own in Chicago to buy your next home! Keep reading to learn more!
You have likely heard of using a rent to own agreement to buy a house in Chicago. Many people overlook this option because they feel as if they will be losing money or spending more on a property than they should.
However, this is hardly the case. Once you factor in what you are saving in rent vs. what you will be gaining from the deal, a rent to own agreement to buy a house in Chicago is a no-brainer. Learn more about some of the great benefits in our latest post!
5 Reasons To Buy a House via Rent To Own in Chicago
You Won’t Have To Wait
When you buy a house via rent to own, you won’t have to wait while your dream home passes you by. You’ll be able to buy the home you have always wanted… much sooner than you may think. Instead of paying rent each month, you will be building equity and finally putting your money toward something tangible.
Paying rent each month can be very frustrating when all your want to do is buy a house in Chicago. Renting to own can help to make your dreams a reality.
Stop Throwing Your Money Away
Paying rent each month can feel like you are throwing your money away. Thousands of dollars spent each year, with nothing to show for it. But what if those rent payments were adding up, helping you secure a home purchase, and build equity instead of helping someone else pay off their mortgage? Buy using a rent to own agreement, you will be able to put your money toward something real, that will only benefit you going forward.
You Don’t Need A Huge Down Payment
Saving up a down payment for a traditional loan can seem challenging, especially in today’s day and age. Trying to put away 20% can take some homeowners eons. Paying rent while saving for a down payment can feel counterintuitive. However, when you buy a house via rent to own in Chicago, your down payment will be much smaller.
In most cases, you will need to provide the homeowner with some sort of down payment to help secure the deal, however, the terms and costs can always be negotiated. You will not have to come up with 20% in order to buy the home. In some cases, the down payment made to the homeowner can go toward your down payment to the bank when the time comes.
You Won’t Have To Move
Are you renting a house from a landlord who may be interested in selling? Talk to them about a rent to own situation and how it can help benefit both of you. You will be able to finally buy a home and they will be able to sell for their asking price while generating monthly income in the meantime. A rent to own agreement can be a win-win for all parties involved.
Working with your current landlord to set up a rent to own agreement may be the easiest way for you to become a homeowner. It is important that you work with a professional to ensure all aspects of the agreement are handled legally to avoid any discrepancies with the homeowner down the road. At Chicago Home Buyers we can help you set up this agreement accurately and in a way that everyone will benefit from this arrangement.
Get The Time You Need
The great thing about buying a home via rent to own in Chicago is that you will be able to secure a home purchase while you save up your cash and improve your credit score. You’ll be able to put down roots and begin to add the personal touches to the space that will make it really start to feel like home. Using a rent to own agreement to buy your house in Chicago will help you buy the home you have always wanted faster than you may think.
If you are ready to buy a house in Chicago, but aren’t sure you will qualify for a traditional loan, a rent to own agreement may be the solution for you! Our team can help you find the right property, create a legal and straightforward agreement, and help to ensure you are buying a home that won’t spell trouble for you down the road. We will help you take all of the details into consideration so you can create an agreement that just makes sense!