Rent To Own Homes In Strawberry Plains Tn
Are you looking for your dream home in Strawberry Plains, Tennessee but struggling to come up with the down payment? Don't let that stop you from achieving your homeownership dreams. Rent-to-own homes could be the perfect solution for you. In this article, we'll explore what rent-to-own homes are, how they work, and where to find rent-to-own homes in Strawberry Plains, TN.
What Are Rent-To-Own Homes?
Rent-to-own homes, also known as lease-to-own homes, are an alternative way to purchase a home. With rent-to-own homes, potential buyers sign a lease agreement that includes an option to purchase the property at a later date. The lease agreement typically lasts for one to three years, during which time the renter pays a monthly rent as well as an additional amount towards the eventual purchase of the home.
The additional amount paid towards the purchase of the home is called the "option fee." This fee is typically between 1% and 5% of the purchase price of the home and is non-refundable. If the renter decides not to purchase the home at the end of the lease agreement, they forfeit the option fee.
How Do Rent-To-Own Homes Work?
When you sign a lease agreement for a rent-to-own home, you'll typically have the option to purchase the home at the end of the lease term. The purchase price of the home will be agreed upon in advance and will typically be based on the current market value of the home at the time of the lease agreement.
During the lease term, you'll pay a monthly rent as well as an additional amount towards the eventual purchase price of the home. This additional amount will typically be between 10% and 20% of the monthly rent and will go towards the option fee.
If you decide not to purchase the home at the end of the lease term, you'll forfeit the option fee. However, if you do decide to purchase the home, the option fee will be applied towards the purchase price of the home, reducing the amount you need to pay.
Where To Find Rent-To-Own Homes In Strawberry Plains, TN
If you're interested in renting-to-own a home in Strawberry Plains, TN, there are a few ways to find properties that are available:
1. Online Listings
The internet is a great place to start your search for rent-to-own homes. There are many websites that specialize in listing rent-to-own properties, such as RentToOwnLabs.com and RentToOwn.org. These websites allow you to search for properties based on your location and other criteria.
2. Real Estate Agents
Real estate agents can also help you find rent-to-own homes. They have access to listings that may not be available online and can help you negotiate the terms of the lease agreement.
3. Classified Ads
You can also find rent-to-own homes through classified ads in local newspapers or on websites such as Craigslist. However, be cautious when using this method and be sure to thoroughly vet any potential landlords before signing a lease agreement.
Conclusion
Rent-to-own homes are a great option for those who want to own a home but don't have the funds for a down payment. With rent-to-own homes, you can build equity in the home while renting and have the option to purchase the home at the end of the lease term. If you're interested in rent-to-own homes in Strawberry Plains, TN, be sure to explore online listings, work with a real estate agent, or search classified ads to find available properties.
