If you find that buying a house is not viable for you, you can think about rent to own a home and see whether it will work better for you. With rent to own a house, those who may never have thought it possible to own a home may find that it is possible. The best thing with the method is that you e the rent money as an investment. Other times when you pay rent that goes to the landlord, and there is no way of recovering it. In the case of a lease to own a home, the money you spend part of it goes to the landlord and the other to the payment of the house.
The best thing with the process is that you do not need credit score for you to be able to purchase your house. If you have an issue with your credit score, you can still own a home through rent to own. When you pay the final installments, the landlord can use the credit you have been sending to them to justify the sale and transfer the deed to you.
At the same time you will benefit from the method because you are able to step in quicker. With the typical way of getting a mortgage the buyer can have to wait for months before they can move into the house. After the deal you can move into the new house if you are dealing with rent to own home. The method also helps in making equity to grow faster. When compared to the lease, rent to own situation equity grows more rapid because the house appreciates faster. As you stay in the house you want to buy, you can still make some gains while paying your rent as well. By the time you are spending the final amount, the house may be worth more than it was before.
Using this method helps you in that you have full control of the house. You as a tenant are a stakeholder so you can make changes in the house where you deem appropriate. The landlord will not bother you with inspecting the home since you are going to hold it in the end.
With the practice of buying a house, you do not have to pay taxes. Since even when you are staying in the house it is still belonging to the landlord; you will not be expected to pay the taxes as the landlord will do. After the house is assigned to your own is when you can start paying taxes. That is a good way of helping the tenant to save money before owning the house and paying of taxes. When the house is transferred to your name, you can now begin paying taxes. The rent paid in this way may be slightly higher than the rest, but you will not feel it because the house will finally be yours.