5 Things to Keep in Mind When Choosing a Rent-to-Own Company for a Residential Property Purchase!

If you’re looking at the possibility of getting your own home through a rent to own deal, you’re not alone. The rent to own option can be the solution, especially if buying a home upfront seems a bit tricky financially because of past bad credit or limited resources. 

But wait – before you dive in, make sure you know more about some of the important stuff. Here are five things to consider when looking at choosing a rent-to-own company:

choosing a rent to own company

  1. Clear and Honest Information

You want a company that’s honest with you. They should lay out the rules and details of the rent-to-own deal in plain language that you can easily understand. That means how long you’ll be renting before you can buy, how much the final price will be, any upfront fees, and how you actually buy the place later on. 


  1. Paying in a Way that Works: 

One of the attractions of rent-to-own is that it can be flexible with payments. Look for a company that’s focused on making a payment plan that fits your budget. Some of what you pay each month could even go toward owning the house eventually. Be sure the monthly payment is something that you can afford without breaking the bank.


  1. Who Fixes What?:

Houses need care and maintenance, and it’s important to know who’s doing the repairs. Ask about who’s in charge of repairs and maintenance during the renting time. Usually, it will be you, but do not forget to be sure.


  1. They’ve Got a Good Reputation: 

Often when you are looking at a restaurant or store you haven’t been to before you will check the reviews or find out what others have said. The same goes for rent-to-own companies. See what others say online, read reviews, and see if they generally have a thumbs-up from past clients. You’re probably in good hands if they’ve got a good reputation.


  1. Legal Understanding and Help: 

Because of the type of arrangement and financing, rent-to-own contracts can get a bit complicated. That’s where having a good lawyer comes in. Make sure the rent to own company lets your own lawyer look over the contract. If they say no, you will want to think twice about proceeding.


Owning a home is exciting! But make sure you’re not rushing into it without some homework. Look for a company that’s transparent, lets you pay in a way that fits your budget, has a good reputation, and is okay with your lawyer checking things out. 

Remember, it’s all about feeling comfortable and secure as you take steps toward making that place your very own. Happy house hunting

Do you have more questions about rent to own? Check out our Frequently Asked Questions