If you own property in Kansas and are wondering how you can make a profit it on it, you might wish to consider a rent to own arrangement. Throughout the state as well as the rest of the country, many property owners and investors have come to realize the numerous benefits related to rent to own agreements. This type of arrangement can benefit property owners in many different circumstances.
For instance, if you have tried to sell your home but you have not been successful in doing so, offering it as a rent to own allows you to bring in a monthly income on the property. Each and every month you will receive a payment on that property. In addition, you may also be able to collect an option fee from the tenant at the beginning of the rental period that will hold the property and provide the tenant with the right to purchase it at a predetermined price at some point in the future. The time period in which they can exercise the right to purchase the property can be limited to a specific expiration date in your rent to own contract. If the tenant decides they are not going to buy your property, you can usually keep the option fee.
Renters can also benefit from Kansas rent to own properties. Whenever someone relocates they may not be certain at first where they want to buy a home or even if they do want to buy a home. A rent to own agreement gives them flexibility and the time to decide what they want to do. Since you are agreeing to a purchase price in advance, they gain the peace of mind in knowing the price of the property is locked down. The option fee they pay in advance can also be applied toward the future purchase price of the house if they decide to buy it before the option period expires. This can be a win-win situation for everyone involved.
An increasing number of Kansas rent to own properties are now advertised on RentalAds.com. Everyone from prospective tenants to buyers are now turning to the Internet to find properties that meet their needs. The Internet makes it incredibly easy for property owners and people looking for rent to own properties to match their needs. Rent to own properties can now be found in Kansas City, Topeka, Dodge City, Wichita and numerous other cities throughout Kansas.
In a rent to own agreement, it is imperative that prospective buyers and property owners settle several details in advance. Among those details are the purchase price of the property, whether an option fee will be charged, the amount of the option fee or down payment and the length of the agreement. It is quite common for such an agreement to last twelve months, but these types of agreements are highly flexible. If the owner of the property and the tenant agree, the agreement can easily be extended to two years or even longer to suit the needs of everyone involved.