Unfortunately, rent-to-own is not always a good deal. If the tenant decides not to purchase the house at the end of the rental term, none of the extra money that he paid to the seller comes back to him. So he would have paid above market value for a rental and have no extra cash to show for it. Furthermore, unlike in traditional rental scenarios, the tenant is often responsible for repairs and maintenance during the lease term, and any money or sweat equity you put into the rent-to-own property will not be reimbursed.
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Rent. While the potential buyer is living in the home during the set term, they are paying rent. A percentage of the rent will typically go toward the purchase price, and this is called a rent credit. It is vital rent is paid on time or else the buyer may not get rental credit & may be assigned a fine. To understand how rental credit works, let us consider a $225,000 RTO property with a 3% option consideration. This will give you a $6,750 option consideration that can be credited toward the purchase price. The rent payments are $1,550 each month with $300 earmarked as a rent credit. The RTO term is 24 months until you have to purchase the home. If you take all of these things into consideration, you get:
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When you rent-to-own, you can target both buyers and renters as potential candidates to RTO the property. A buyer could purchase the property on an RTO basis, and either live in it or turn it into an investment property once the contract ends. A renter may want to purchase a property but doesn't have the means to do so right now. Any RTO property could be a big draw for them because it gives them time to save before purchasing the property. The seller has an increased chance of RTO their property.
A lease option is a contract between the potential tenant and the seller that specifies the agreement to rent the property for a set amount of time and it comes with a right to refuse option that gives the potential buyer a way out at the end of the contract's termination date. It should include how much the rent is, when it is due, fees, penalties, security deposit amounts, pets, smoking requirements, parking, maintenance responsibilities, and utilities. The main difference between a traditional lease and a rent-to-own lease is deciding who will pay for upkeep and maintenance. In a traditional lease, a landlord would take care of all of these things. With RTO, the tenant might be responsible. It should also clearly specify that any rent credits or any amount of money that the tenant has had set in escrow becomes forfeit if they choose not to purchase the home. This releases them from their obligation to purchase the property, and the seller is responsible for finding a new tenant.
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High-cost markets are not the obvious place you'll find rent-to-own properties, which is what makes Verbhouse unusual. But all potential rent-to-own home buyers would benefit from trying to write its consumer-centric features into rent-to-own contracts: The option fee and a portion of each rent payment buy down the purchase price dollar-for-dollar, the rent and purchase price are locked in for up to five years, and participants can build equity and capture market appreciation, even if they decide not to buy. According to Scholtz, participants can “cash out” at the fair market value: Verbhouse sells the home and the participant keeps the market appreciation plus any equity they’ve accumulated through rent “buy-down” payments.
It’s normally not necessary to commission a home inspection on a traditional home rental, but remember that rent-to-own is not a traditional home rental. This is a short- and long-term investment that requires the utmost attention to detail. And the small upfront cost of a home inspection could save you literally thousands down the road. Therefore, hire an independent home inspection professional to uncover any problems the house may potentially have. It’s important to do this even if the current homeowner furnishes a disclosure statement that attests to the condition of the home. If the independent home inspector points out problems, it’s important to determine whether or not the issues will prevent you from getting a future home loan once the rent-to-own term ends. Therefore, make sure the contract specifies who is responsible for making the necessary repairs discovered during the inspection prior to finalizing the rent-to-own agreement. The homeowner might offer a credit off the final purchase price at the end of the rent-to-own in lieu of payment for damages. Either way, be sure to get everything in writing before finalizing a rent-to-own contract.
Transportation and CommutesLas Vegas has a lot of options for transportation, both public and private. RTC is one such public system that offers a bus service throughout the main city and other suburban areas in the valley. For a quick commute to the Strip from Downtown, or to reach the Convention Center or Town Square, a transit link exists called the Strip & Downtown Express. As you may expect, this service includes few stops, and is intended to ease congestion on the major traffic routes between the city's major hubs of activity. For drivers commuting into the city from outlying areas, two major interstates -- 15 and 515 -- cross over into downtown Las Vegas, making the city easily commutable. In addition, taxis are readily available for easy trips, and the city has a walkability rating that puts it at number 25 on the USA's most walkable cities.
Next, let’s talk about the home’s purchase price. In most deals, you will agree to a purchase price upfront, typically current market value or a bit higher. In limited other instances, you may delay that decision until your lease term is up. Whether one or the other will be more beneficial hinges on whether the home’s value rises or falls during that time. A key point in either scenario, however, is that the purchase price is also negotiable — just like you’re buying a house the traditional way.
Repairs. Repairs and maintenance responsibility should also be clearly outlined. Usually, the seller will take care of them until the tenant officially purchases the house. However, they can ask the tenant to cover them, and with an RTO contract, they usually do. Have the home inspected to be sure no major repairs are needed before signing to agree to be responsible for them.
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An important thing to consider that many buyers forget to include in their contracts is home maintenance responsibilities. Your agreement should state who is responsible for routine maintenance and extensive repairs. Local laws may complicate things, because in some areas, landlords are required to perform certain duties regardless of what your agreement states.
There are actually two types of contracts: a lease-purchase and a lease-option. With a lease-purchase contract, you're locked into buying the home by the conclusion of the contract. If you don't, you will forfeit all the money you’ve supplied to the seller over those years and could also face legal action. If you choose this route, you should be absolutely clear on your long-term plans and financial outlook. Plenty can happen to your life and livelihood that could affect whether you can (and want to) own this house.
It’s critical to sign an agreement that is in your best short- and long-term interests. The rent-to-own option will cost more than a traditional home rental because there are other costs baked into the monthly amount. The good news is these “other costs” such as the initial option fee and monthly credit will go toward the final purchase price. Nevertheless, a rent-to-own contract should always include the length of the rent-to-own lease agreement (usually anywhere from 12 to 70 months), the amount of initial option fee (usually 35 percent of final purchase price), the final purchase price at the end of the term, and the amount of the monthly payments that will go toward the purchase price. These figures are all negotiable.