Renting to own a home in Riverside County, or any area for that matter, isn’t a new concept… but the whole process of “renting to own a home” is a process that most people have questions about.
Well, you’re in the right place!
This article will walk you through what to look for if you’re looking for Southern California rent to own homes.
1. Find The House You Want To Live In Long-Term… Not Just Rent
A lot of people who are deciding whether they should just rent or “rent to own” view the process the wrong way. Don’t view it as if you’re looking for a home to rent for just short time. You should be looking for a home that you’d love to live in for a longer period of time.
Why?
With rental homes, you know it’s a temporary thing… so you’ll settle for a home that is less than ideal.
But since you’re really looking to get a home to live in for many years with a rent to own… it should be one that you can see your family in for a longer period of time.
Yes, you’re renting a “rent to own” home… but you should choose a home you’d be glad to live in for years because hopefully you will be exercising your option to purchase the home at the end of the lease term.
2. Terms That Fit Your Goals And Needs as a Riverside County Home Seeker
Not all rent to own homes in our area have the same type of agreements – terms, etc. So make sure to find out the terms of the lease agreement and the terms of the purchase option as well. Usually the monthly rent tends to be a little bit higher (though not always) with a rent to own agreement vs. a normal rental agreement… because you’re basically paying a premium for the ability to potentially purchase that home at a pre-determined price in the future. There’s a lot of value in that.
But with rent to own agreements you should also have some flexibility that protects you. Make sure there are no extra fees for not exercising the purchase option at the end of the agreement.
Also clarify with the owner of the home on who will pay for things during the rental term like…
- Maintenance
- Lawn care
- Insurance
- Repairs
- Upgrades inside the house (new appliances, paint, etc.)
Get everything in writing – who will be in charge of these kinds of things during the rental term.
3. The Value Of The Home – The Value Going Up?
One of the big benefits of a Riverside County rent to own home is the ability to lock in a home at a set price well in advance of you having to purchase it.
With a rent to own home contract, you agree on a monthly rental rate… a term of that rental (usually 12-24 months or longer)… and a purchase price at a future date.
Because of this the purchase price usually doesn’t come at a discount for you… but, if you buy in the right Riverside County neighborhood (one that is increasing in value)… you could be earning instant equity if you decide to purchase the home at the end of your rental term.
See Our Current Riverside County Rent
To Own Homes Below!
If you still have questions about the rent to own process just call us anytime at (951) 226-5056.
And, if you want to be put on our Riverside County, California Rent To Own list, click the link below to see what’s available.