What Is a Rent-to-Own Plan?

If you opt for a rent-to-own home, this means that you are renting a property with an option to buy it once your lease expires. At the end of your lease, if you are planning to travel or to try your luck in another state, you can opt to move out instead of purchase the property. Also, the price of the house is already determined before the lease ends, which means that the price is set even before you make up your mind about buying the place or not. So, it can be a loss in case property values go down when your lease expires.

Pros versus Cons of Rent-to-Own

As with most choices, there’s a good side and a bad side of a rent-to-own plan. Below are a few issues that you should thoroughly consider.

1. Pro — Knowing the House

A renter will live in the house that he might consider buying. Because of this, he’ll be able to truly understand the environment and the property. In other words, he’ll be able to get a feel of the house and the neighborhood, which will help him to see if he can have a family and grow old in that place. Unlike home buyers that only get to see a property for sale during open houses, a renter will spend a long time in the dwelling. So, he’ll know if the water supply is good, if the basement is leaking, or if there are molds. In case he finds something unfavorable, he can pass up the chance of buying the property.

2. Pros and Cons of Related Cost

– Down Payment versus Option Fee

Down payment for a new home can be pretty expensive for most, and this can deter people from buying a home. Choosing a rent-to-own plan can benefit those who do not have enough money for down payment. But still, they have to collect a significant amount so that they can first pay for the option fee, which will go to the down payment in case they do decide to purchase the house when the lease expires.

– Improve Credit Score

For those who have been denied mortgage due to low credit scores, a rent-to-own plan can benefit them too. During the time that they’re renting a place, they can work on improving their credit score as well.

– Rent Credit

Then, there’s also the issue about the rent credit. In rent-to-own agreements, the rent credit becomes void if the lessee fails to pay rent on time. This can be a significant loss if, say, the rent credit is $500 and the lessee is a day late in paying his rent three times during the lease period. That’s equal to a loss of $1,500.

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The use of short stay apartments by businesses is undertaken for a number of reasons. Commonly, a business may choose to put its employees up in a serviced apartment rather than in a hotel once the length of their trip exceeds a few days. At this point, the benefits of hotel living begin to pall: and the costs of hotel living begin to exert an unwelcome influence on the company`s bank accounts.

For short term business trips of just a few days, an hotel is an ideal location. At this length of time, all attention is theoretically focused on work: meaning that the employee or employees neither have nor want time to themselves. Eating is done as a matter of convenience, or as extensions of the business related nature of the trip.

In circumstances like this, eating in hotel restaurants or going out to eat is all part of the natural order of things. It is both convenient and a good place in which to knock up contracts or digest, with a team, the events of  a training day.

Longer term, though, the hotel restaurant becomes an inconvenience. Where a team is staying in the same place for a week or two, dressing and going down for dinner at specified times, often to eat from the same menu, can become quite depressing – and of course  a depressed employee is not an employee likely to be putting in her or his best work.

Essentially, the switch from short stays in hotels to longer stays in short stay apartments happens when the convenience of hotel living becomes inconvenient – and when the comforts of a homely surrounding become more important.

It is impossible and impractical for anyone to maintain a hotel living lifestyle indefinitely, unless he or she is of a very specific temperament: everyone needs a space in which he or she can genuinely relax. Without it, longer term good business becomes shabby.

Cooking your own food is one of the key differences between living in a hotel and living in short stay apartments. It is also one of the key benchmarks by which the average person measures his or her access to a comforting environment.

There are two reasons for this – first, because he or she is then able to consume the food that makes him or her happy and healthy; and second, because he or she is able to do this at a time that suits him or her, and in clothes that he or she feels comfortable wearing.

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