Have you considered owning a home, but perhaps you are not yet ready to commit to a mortgage? Perhaps you would like to buy a house in Georgia, but your credit is not yet where it needs to be to qualify for a mortgage. Or, maybe you want to be a homeowner, but you haven't saved up enough money for a down payment yet. There could be numerous reasons why people want to own a home, but haven't made the move to do so yet. If any of these situations sound familiar, then a rent to own option may be the right choice for you. Rent to own offers an opportunity for you to try out the idea of home ownership with the opportunity to actually buy the house after a period of time.
The way a rent to own in Georgia actually works can vary somewhat based upon the terms agreed upon between the tenant and the owner of the property. The contract will contain the purchase price that has been agreed upon between the owner and the tenant. In many instances, the tenant will make a down payment on the home and then will make rental payments monthly. The down payment that is paid upfront may also be referred to as an option fee. Generally, if the tenant decides they do not want to buy the property later they will not be entitled to receive the down payment back, as it is non-refundable. The landlord may also agree to allow part of the monthly rental payments to be applied toward lowering the final purchase price of the property. After a period of time, the buyer or tenant may choose to obtain a loan and then purchase the property outright from the owner. The interim time period is often an excellent opportunity for the buyer to improve their credit record if they have problems that might prevent them from obtaining a traditional mortgage loan in the beginning.
In the past, it was often rather difficult to locate rent to own properties in Georgia. Many people often had to rely on trying to find a property that was available as a rent to own in the classifieds or searching through word of mouth. Today that is no longer the case. Now it is possible to go online and find rent to own properties throughout the state of Georgia. Whether you are trying to find a rent to own in Atlanta, Macon, Savannah or elsewhere, you can find a property that is not only rent to own, but will also meet your location and budget needs.
Once you have identified a rent to own property listed on RentalAds.com that appears to meet your needs, it is important to contact the owner directly to discuss specifics regarding the property. It is quite important to be certain of all of the terms of the rent to own agreement before agreeing to take a property. Be certain about the length of the agreement, the final purchase price and the monthly rental payments.