Learn more about homes for rent by owner in Rhode Island
… And discover whether renting-to-own the right step for you. Find out how it works here…
If you’re looking into homes for rent by owner in Rhode Island, you’re probably thinking about renting… but have you thought about renting to OWN? In this blog post, we’ll share the step-by-step method to walk you through how it all works so you can decide if it’s right for you…
If you’re thinking about renting a home, you’re likely focused on finding a place to rent that you can call your own… but often, renters would love to move up from a rental property into a home that they own, they just might not be able to afford it.
That’s where rent-to-own comes in. With renting, you pay for a place to live for as long as your rental agreement lasts. But with rent to own, you rent a home for a while and then you buy it out-right so that you own it… and you can even do this with bad credit!
Let’s start with the benefits of why renters love it…
1. You can get into a house even if you have bad credit
2. You don’t need a huge down payment
3. You can live in your permanent dream home sooner, even if you can’t afford to buy it just yet
It’s no wonder why people love rent to own!
Here’s How It Works To Get Into Homes For Rent By Owner In Rhode Island On A Rent-To-Own Basis
First, find homes for rent by owner in Rhode Island.
Second, inquire about whether any of their houses are rent to own.
Third, review the available homes and choose one that you’d like to buy someday.
Fourth, sign the agreement, which means you’ll rent the house for a period of time (often a couple of years) with the purpose of buying it later.
Fifth, work on your credit score to improve your credit during that time.
Sixth, when your rental agreement draws to a close, use your improved credit score to apply for a mortgage from a bank and then purchase the house from the owner.
Yes, it really is that simple and it’s a great way for renters to become home owners.