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What is Rent-to-Own Property?

Thursday, November 16, 2023   /   by Tatiana Seidlin

What is Rent-to-Own Property?

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ASKED.ANSWERED.SOLD.


What is a Rent-to-Own Property?


A rent-to-own property is an agreement between the buyer and seller that allows the buyer to purchase a home after a few years of renting. It can be a bit more complex than a regular rental but is a viable alternative to purchasing a home you have not lived in yet. You will have to sign a standard lease and an option to buy agreement. 


Typically, the buyer pays a slightly higher rent. In some cases, the seller allows these extra funds to act as a down payment at the end of the agreement. Should the buyer choose not to purchase, the extra payments are forfeited.


While a rent-to-own property allows you to "test drive" homeownership, you stand to lose money if you choose not to buy in the end. 


It may sound risky BUT if you see the rental as a place you want to call home, it is worth speaking to your landlord about it. 


Tatiana Seidlin

KW Advisors | United Home Group

Realtor DRE:02109848

TatianaSeidlin@KW.com

(310)926-8543



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Keller Williams | United Home Group Ventura County
2831 N Ventura Rd
Oxnard, CA 9303
805-643-3337
DRE# 01859199

Based on information from California Regional Multiple Listing Service, Inc. as of February 22, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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