Lease Purchases 101 – Things to Look at for Rent to Own Homes in GA

If you're looking for rent to own homes in Augusta or any other part of Georgia, you're making a smart choice. This somewhat unusual method of buying a home is excellent if you want to stay flexible or you don't want to deal with a conventional lender. You'll be able to negotiate directly with the seller and get used to the house for a while before you buy, plus you'll have the chance to build up a down payment. Not all contracts for rent to own homes in GA are fair, however. Here's how to find one that is.

How Is Your Rent Figured?

It's easy to assume that the monthly price you're offered for rent to own homes in GA is fixed and non-negotiable, but nothing is farther from the truth. You have the right to ask how your landlord is determining the final amount, especially if your option fee has been added to the rent. Under most circumstances, the base price per month should be equivalent to other homes of the same type and in the same immediate area. If your landlord tries to charge a lot more for the privilege of possibly buying your house, move on to another property.

Who Does the Maintenance?

In most cases, the period in which you rent your home will look much like an ordinary lease. That means that the landlord is legally responsible for maintenance and repairs. Not all rent to own homes in GA come with this kind of arrangement, however. In some cases, your contract will state that you are responsible for the maintenance. This can be annoying at first, but it is a good idea if you want to control what happens to the property. It's also a good way to determine whether or not you're ready to own a house. Compromise agreements are also available. In these cases, the landlord takes care of maintenance for six months to a year, and you assume responsibility afterward.

Remember Financing

It's true that a lot of people want rent to own homes in GA because they can't get standard financing right away. Unless you expect to be able to purchase the house with cash within a few years, however, you'll need to deal with a lender at some point. The best time is actually before you even sign an agreement. Get in touch with a mortgage broker you trust to find out your chance of being approved for a loan during the term of your lease option. This doesn't provide you with any guarantees, but it does give you a good idea about whether you can afford the home you want.