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Rent To Own Apartments As Your First Home

Todays Date: December 16, 2018

Many young people nowadays prefer living in an apartment rather than getting a house of their own. It is more practical especially for those who are always on the go and prefer to live near the city. Though this is the dream of many, owning their very own apartment in a building may be too much to ask. The best way to get your own apartment slowly but surely is getting one of many rent to own apartments.

Just like rent to own houses, rent to own apartments features exactly the same way. If in case you are not aware of doing these things, then, here is some important information for you to know regarding rent to own apartments agreement.

Having the preference of just having rent to own apartments means, you should make an agreement in a contract with the seller. There could be times that you would encounter a seller who wants you to have initial payment. In this case, the usual thing is you give the ten percent of the whole price of the unit. This kind of process may work to others but not to everyone since there are people who find it hard to pay that big amount first. Plus they still have the upfront fee which is really necessary to be paid. This could be hard to be done. The only that this may sound positive is that since you have already given partially, then in the end, you could pay a lesser amount. However, still one has to pay the upfront fee to the seller, whether you prefer to pay the down payment or not.

The contract usually lasts around three years or more, and after that duration you now have the option of buying the apartment and its title. This is ideal for some working professionals because it gives them enough time to save up to buy off the apartment.

The price of rent for rent to own apartments are usually higher than the usual rent. This is because part of the rent is actually a deposit to either the down payment of your apartment, if you have not paid the initial down payment or an additional partial payment if you have paid the down payment at the start of the contract.

Here is an example: If the normal rent per month $1000, so the price of rent for your rent to own apartment would be $1200. $1000 dollars is the profit for the landlord or the seller, while the remaining $200 would go to the down payment of your apartment at the end of your contract. If your contract runs for about four years, then your total down payment accumulated over those four years would amount to $9600.

The situation itself is very easy to comprehend as well as very common to a contract in a rent to own apartments. Some things could be added in the contract but those are already the seller’s prerogative. But you should keep in mind that hiring the best lawyer to help both parties work things out and to process everything according to the law should be done.

Want your own home? Check out our affordable Rent to own apartments now! Pick from our many beautiful and strategic locations with flexible payment terms. Click here to see various owner financed homes.

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