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.
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| 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.
