Your plan of moving to Connecticut would involve buying a place to live there. It’s not hard to buy a new place in CT especially if you got a loan from the bank or you have enough cash to pay for the down-payment. However, if you got neither of the two, then it would be best to buy a house that is offered by way of rent-to-own. Rent to own homes in CT do not oblige buyers to pay the full amount of the down payment at once, but rather a monthly installment plan will be offered to gradually reduce the total cost of the down payment. Meaning, buyers are obligated to pay an additional charge every month aside from the monthly rent. Listed below are some benefits of the rent-to-own agreement.
|Rent to own homes in CT|
Enough time to repair credit and get a loan- Opting for a rent to own house can certainly give you a lot of time to remove the negative things in your credit report. This is because you are not pressured to pay the total cost of the down-payment immediately, which allows you to have the time that you need to repair your credit in order to get a loan and buy the house afterwards.
You are as good as an owner- Even though you haven’t bought the house yet, you are still as good as the owner because you’re renting that property to later become yours. Also, you are not competing for other buyers as you already signed the rent-to-own agreement. This would mean that you are in fact the legal owner of the house as long as you are paying the premium rent and you are not violating any rules of the rent-to-own contract, or until the contract ends and you decided not to buy it.
Having the option not to buy the property- The buyer definitely has the option to discontinue the contract if the buyer realized that he/she doesn’t want to live in that particular house. However, the buyer will lose the option fee that he or she paid before he/she moved in. The buyer will also lose the total amount that the buyer paid every month in which was intended to pay the down payment if in case he/she decided to buy the property after the rental period. Although the buyer loses a certain amount, deciding to discontinue the contract as early as possible can still avoid the buyer from losing a lot of money.
Another fact of rent to own homes in CT- There are also disadvantages aside from the overall benefits of rent to own houses. One of which is the fact that if the seller is having troubles in paying for the house’s mortgage, then there’s a chance that the house which you rented-to-own can be foreclosed. This leaves buyers like you no choice but to pack your things out and evacuate the house.
Nevertheless, rent to own homes in CT are definitely listed online. You just have to search for credible site that offers legit listings.