What to Expect as a Tenant Buyer
Being a tenant buyer is different than being a renter. In a rent to own agreement, since you’re both a tenant and the future owner of the home, you’re expected to take greater pride in the property and have greater responsibilities towards it, and you’re expected to uphold your duties as a good tenant as well.
“While usually the mortgage, taxes, homeowners insurance and homeowners association fees are covered by the seller during the option period,….”
As it is with a bank mortgage, you will be expected to make payments on time; if you don’t there can be financial consequences, such as forfeiting financial consequences, such as forfeiting your down payment deposit.
Being a tenant buyer is sort of like a bridge state between renting and homeownership. You have the obligations of being a good tenant, but you’re also held to a higher standard that you would be held to as the owner of the property.
Renting to own gives you the future opportunity of homeownership while grooming you for the responsibilities that come with it.
Click here for more information on how you can Rent to Own