You may be surprised to find it is actually quite easy to find homes on a "rent to own" basis in California. Also sometimes referred to as a lease to own, these properties can be ideal for tenants in a variety of different circumstances. The process works by allowing the tenant to rent the property while exercising the option to purchase the property at a later time. In some cases, the landlord will agree to allowing a portion of the rent be credited toward the purchase price of the property each month. The terms of a rent to own agreement can be customized to suit the unique needs of the tenant and the landlord.
The process of renting a property to own in California works very similar to leasing a car. The tenant will pay a previously agreed upon amount each month in order to reside in the house. At the end of an agreed upon period of time, the renter will be able to exercise the option to buy the house. Rent received each month from the property is income for the landlord. The landlord may also agree to allow part of the rent to be counted toward the purchase price or the down payment.
One of the reasons this type of agreement is often beneficial for many people is that is allows them time to get their credit in order before trying to obtain a mortgage loan. This is frequently one of the most common reasons why many people are not able to purchase a home. Credit problems prevent them from qualifying for a mortgage loan. With a rent to own arrangement, the renter is able to work on their credit problems and maintain the assurance that they are locking in the sales price of the home they want to buy and be assured the home will not be sold in the meanwhile.
Landlords in California are also able to benefit from leasing their property on a rent to own basis. During the rental period, they can bring in a substantial amount of income from the property. Even if the tenant decides at a later time that they do not want to buy the house, the landlord is still able to keep the money they have received from the rent each month.
Finding a rent to own property in California is not at all difficult. A quick search of RentalAds.com can help you to easily locate properties throughout California that are available for rent to own. Whether you are looking for a rent to own property in Los Angeles, Sacramento, Santa Barbara, San Francisco or elsewhere in California, it only takes a few minutes to quickly identify options that will meet all of your needs. Not only can you find rent to own properties of varying sizes and in different price ranges, but it also possible to find properties available to rent to own with a variety of other options. For instance, some rent to own properties are pet friendly. Take the time to determine what amenities and options you want in a home and start contacting homeowners listed on RentalAds.com today.