What Makes a Good Rent to Own Candidate?
Rent to Own is a great option for someone who is looking to own their own home. Rent to Own can be an easier path for potential home owners. With big bank approvals and new mortgage rules, it is getting harder and harder to be approved. Also, who wants to save 20-25% for a down payment!? And how long would that take? Banks look for certain types of candidates that they will give a mortgage to. But as a candidate for a rent to own, what qualifies someone to be considered “a good candidate”? What characteristics can a good rent to own candidate have? Here are some characteristics you can compare yourself to, to see if this is the option for you.
A characteristic of a good rent to own candidate would be someone who has a strong/stable recent rental history. If you have rented a house or an apartment, you understand the process of renting. If you have stable employment, this will make your chances of renting to own much better. Someone who has not had stable work, the Rent to Own option may not be best option for you. It is mandatory to keep up with your monthly rental payments, or the lease option will be revoked.
Also, with Rent to Own option, a good candidate will have the 1st and last month’s rent, the option deposit to begin the process. This verifies that the candidate is serious about the Rent to Own option and is willing to complete the process, which can range from a 2-3 year rental. This also assures that an Option Lease contract is drawn up to legitimize the process allowing protection to the home owner and the future home owner.
A final characteristic of a good rent to own candidate would be the fact that they are serious about owning a home. The candidate would want to own their home and is willing to do anything to work towards their goal. They will always keep in mind their family, the stability that home ownership brings and to make the right decision to get the house that will be their home. If you are thinking of Rent to Own your next home, and you can see that you have the above characteristics, then contact us to see if you can qualify for Rent to Own option or any questions towards the process of Renting to Own