Rent to buy houses is now becoming familiar in the real estate industry, and so many people don’t know when to go for that option and when to forgo it. While some go for this option due to ignorance, others who know when to go for it can even borrow to get the deal done.
Always read customers’ opinions on loan providers at sites like EVO before going for any of them. The following is an analysis of the rent to buy option of getting a how and whether it is worth it:
What is Rent to Buy Houses?
Rent to buy simply means adding a clause that you will like to purchase a house after renting it for some time, usually two years. But rent to buy is much more than this as many people don’t know that it requires more money than just buying the house immediately.
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Advantages of Rent to Buy House
The following are some of the benefits one can derive from buying a house using the rent to buy option:
· Flexibility:
Rent to buy houses is good. If you want to live in a particular house to check out how good it is before buying, this is a good option. When you have made use of any of the properties in Spain, and it does not meet your requirements, you can decide not to buy.
· There’s No Obligation
The fact that the name of this type of house acquisition is the rent to buy a house does not mean that it is a must that the tenant must buy the house. The tenant can decide to move on to another house if his finances aren’t up to the price or if the house is not convenient for him/her.
· The Seller Earn a lot of Money
The buyer of this house is not the only one that benefits from this method of buying a house, the owners of the house are even in a better position to earn big money from this type of deal, and this is why many people don’t go for this type of deal.
· Huge Discounts
When buying a house using this option, the seller offers the seller a good discount which can reach up to 20%. So you may not really lose unnecessary money to paying rent if you are serious about buying the house.
Disadvantages of Rent to Buy House
· It’s Expensive
Some people don’t like this because it is quite expensive than buying the house outrightly or even going for a direct rent option if you are staying for a limited time.
· It is Not in High Demand
In Spain, rent to buy houses is not in high demand, and this may make a house owner who wants to make use of this method while selling or renting his/her property not to make any profit since not many people like it.
Everyone has a choice to make when it comes to this, and what has been discussed above is an insight that will guide you when you want to go for the rent to buy house option.
