5/4/2015 5:43:00 PM by Ottawa Real Estate-Sorin Vaduva
When is the right time to do rent to own?
Updated Saturday, August 23, 2014 :: Views (391)
There's no real right time to use Rent to Own. Only you can decide if it's time. Only you can decide if it makes sense for you.
So a couple of factors should be considered when deciding if it's the right time to use rent to own.
Savings - How much have you been able to save? How long have you been saving? If you have been trying to save for a long time and you just can't get there then maybe you need our help.
Savings can be tough. All those influences .. all those expenses that just seem to pop up when you least expect it. So you may have been able to save $10,000 for a deposit but you figure you are another 3 or 4 years to get the rest. And that's just too long to wait.
Credit Conditions - There are many things that could happen that will affect your credit. Maybe you just went through divorce, maybe you lost your job, maybe you had a death in the family, maybe you had a major expense, etc.
So now you have to rebuild your credit. You have been working on it but you still owe a lot and your credit score is improving little by little. But not fast enough.
Family Conditions - You have been renting for a long time now and you just can't seem to get out of renting. You are living in a rental unit and you desperately want your own home. It hasn't happened yet.
Your family is growing and you need more space or you need a backyard for your kids to play in. The apartment building you are living in or the townhouse you are renting is big enough anymore.
Market Conditions
At the time of this writing, June, 2014, there has never been a better time to buy a home. There has never been a harder time to qualify for a mortgage either. The house prices are at an all time low. Mortgage interest rates are at an all time low.
So now's the time to get into the market. Whether you are buying a home or renting to own a home you can take advantages of this market. Because when you do a rent to own, your monthly payments and your purchase price are all based on current prices and current mortgage interest rates. So take advantage of today's rate and get into a rent to own.
So when is the right time to rent to own? Now!!