Chances are that like most people, you are tired and sick if paying rent. As much as you dream of owning a home you know that unless you raise a down payment your dream will just remain to be that-a dream. You may or may not have heard about the perfect solution that is rent to own homes!
Rent to own in Oklahoma City is a smart way to own a home. However, just like any other venture, you are better off knowing a few secrets about this form of investment. Once you know the truth about rent to own homes you will be in a position to make an informed and educated decision.
In the rent to own in Oklahoma plan, you start as a tenant but retain the option to buy the house. Your lease will typically be something like 2 to 3 years. The seller will expect that you are going to put in some form of option fee of upfront down payment. This fee will be something like 1 to 7 percent of the total price. Apart from the rent you will also be paying some rent credit or rent premium. It is this extra amount that builds towards the eventual purchase price.
However, you need to clearly understand the small pint before you get into this kind of venture. If for any reason you are unable or unwilling to continue with the rent to own homes program at the back end of the lease program, you may be forced to forfeit everything. This will include the option fee or rent premium you had paid.
You want to make sure that you do your due diligence before venturing into a Rent to Own home in Oklahoma City arrangement. Take the time also to make sure that the house has been inspected by a professional. If you are satisfied with the inspection report and the entire rent to own homes arrangement, you may want to make plans for mortgage as long as you love the house. However, a calculated decision for rent to own homes is still preferable to paying rent forever.