Are you trying to find a rent to own house in your Chicago or IL? Rent to own house deals are not hard to find if you know where to look. But these deals are not the mainstream type of real estate deal when you are looking for a home. What you will usually find are either real estate transactions between an individual buyer and a seller or real estate transactions with a real estate agent as a go-between.
Whether you choose to deal with a real estate agent or buy from an individual home seller, a rent to own house may be a good solution for someone who is not quite sure they want to purchase a home but they want to try it out first to see how they like it while working out the financing.
Advantages of a Rent to Own House Deal
If you are looking for a rent to own deal, you may want to consider the advantages and disadvantages of doing so first. If you rent first, you will see if you really like the home enough to buy it. You can get to know the house inside and out and get a feel for it first hand. By renting first, you can also walk away from the deal (with certain restrictions) if you decide it is not what you want.
You should read your contract carefully to see if there is an “opt-out” clause so that you can leave the contract if you choose to. If you have problems with such a deal, the contract will determine whether you are able to walk away from the real estate deal without a breach of contract.
In most cases, there is an opt-out clause that allows you to leave the deal if you are not happy after a specified period of time, as long as you realize that you will forfeit the money you paid into it. In these cases, the contract would amount to being equal to a rental agreement.
How to Purchase a Rent to Own Home
If you decide to purchase the home in Chicago, you must stay with the terms of the contract until the house is paid in full. Once you pay the final “rental payment” and any other fees charged by the original agreement, the house is yours as if you bought it outright.
By trying out the house before purchasing you also have a chance to work out the financing to purchase early if you choose to. Usually, people who are selling their home in IL under such a contract want to sell their house as quickly as they can. But they are willing to wait until you can afford to purchase to do so. During the time you are renting, you should work on actively trying to get your credit rating and finances in the best shape possible so that you will have more options if you decide to purchase early.
Find a Rent to Own House in Chicago
When trying to decide whether a rent to own house is the best deal for you, consider the following factors:
- What is your credit rating and finance options? If your credit rating is in good shape and your financial situation is good, you may not need to get into a rent to own deal because you have the option of buying outright. Most people who choose this option are doing so because they cannot go through the normal channels to purchase a home.
- How sure are you that you want to buy the house? If you are not convinced that you like the house well enough to purchase it today, you can use the rental period to check it out further and make a decision later.
- Do you see it as a long-term contract or a short-term solution? For people who have traditionally been renters, having a rent to own term agreement is more comfortable and less unsettling than going into debt for a home.
- Do you currently own another house you are trying to sell? It’s important to plan carefully when dealing with real estate. It is a big decision and creates a large financial obligation. Rent to own home agreements can provide a way for someone digging out of debt to have a house that they can purchase later. If you own a home that you are trying to sell, rent to own houses offer you a way to rent a house that you are considering purchasing without being under financial obligation until you sell your own house.
We know that buying or selling a house can be confusing. If you want a rent to own house in Chicago, IL
CALL ON US AT (312) 313-5394 OR FILL OUT OUR QUICK FORM.
We can show you your options and help you find the perfect house for your needs.