Financial Benefits

Getting a rent to own home has several financial benefits.  You will receive a rent credit each month.  This means that a portion of your payment each month will go towards reducing the purchase price.  Additionally, because the purchase price is set up front, should the home appreciate during your rental term, you will benefit from this appreciation.

Easy Entry

Unlike getting a mortgage, getting a rent to own home is easy.  There is no lengthy approval process and you don’t have to dread mounds of paperwork.  Most people get a rent to own home because they have challenged credit.  Because of this, the expectation from the seller is that you will have credit issues.  This means that you don’t have to worry about being turned down due to bad credit.  Also, if you need to move quickly, renting to own can be a great way to go.  In fact, I have known people who have seen the home on one day and moved in the next.  It doesn’t work all of the time but it is a possibility!

Emotional Benefits

Wanting to own a home but not being able to qualify is emotionally devastating for many people.  There is nothing like longing to nest and feeling stuck in an apartment or home that you would never want to buy.  When you rent to own, you have the ability to make changes to a home, just like you would if you already owned the home.  That, combined with the intent to one day purchase the home, fulfills the emotional needs of many people.