Looking for a local rent-to-own house but aren’t sure how it works or if there is a “catch?”

Read this article to discover what you need to know about local Atlanta rent-to-own houses.

In the real estate market today, it is very tempting to follow through on one of those ads in the local paper or on Craigslist that are practically screaming the great deal of rent 2 own homes in Atlanta GA. 

This option can be a win-win for both parties, but is it always the best method to get into a great house?

Sure, you can’t sell your home right now, or if you’re the buyer, maybe you aren’t able to receive a home loan with bad credit.

You could be in a great home that you love and feel a sense of ownership (more than if you just rent a house the normal way) sooner than you thought!

Although, it is always recommended to ask these questions below when meeting with your possible rent-to-own seller.

Here are a few important (smart) questions to ask a local Atlanta rent-to-own house seller:

“What is the length of the option to buy the house?”  –

With a rent-to-own house agreement (also called a lease option home), it usually has two parts. First, a normal rental agreement. Second, the option to buy the house at a pre-determined price at a date in the future.

Usually, the timeframe is a minimum of 2 years. Anything less and you may not reach the credit score goal that you’re aiming for to purchase the home.

You need this time to weigh your options and to see if things are looking up for you in the future. Of course, the longest option agreement timeframe can be the best for you… to give you more time to get back on your feet credit-wise or financially so you can get a traditional home loan.

“How much of my rent will be put toward my purchase price?”

You can read horror stories all over the internet about how some tenants were strung along thinking that they were paying a higher percentage than what they actually were for their future home, among other factors, with this option.

Ask the seller! Recent federal laws have made providing “down payment credits” from your monthly rent very hard… if not illegal in some areas and situations.

Usually, the monthly rent on a rent-to-own house in Atlanta is a bit higher than the monthly rent on a non-rent-to-own house (because you’re paying for the chance to purchase the house at a pre-determined price which ties the seller down as well). So just make sure to ask the seller if any portion of the rent is able to be contributed toward the purchase price if you do decide to purchase the house when the option is up.

“Who is responsible for repairs and damages on the property?”

This will depend on the agreement. It can vary. Generally, you as the renter are responsible for general maintenance and upkeep… and for minor things (the first few hundred bucks in a repair). But if it’s a larger repair, that wasn’t your fault… oftentimes the house seller/landlord is responsible for the remainder of the repairs after the first few hundred. Again, this varies with every seller. If you’re working with us on looking to rent 2 own homes in Atlanta… we’ll walk you through how our rent-to-own program works and answer any of your questions anytime.

“If I’m not able to reach my goal after the option period, can I extend?”

For tenant buyers who work with us… we’re usually very flexible in working with you to help us both reach that ideal end goal… of you buying the house! :-)

As long as we can see that, you’re on track to make things work… and the extension makes sense for both of us… we’d be happy to work with you on making your dream of home ownership a reality.

If your future seller is honest and fair, they will give you this option. It’s always good to have a backup. Do your homework and make sure you talk to the seller of the house FIRST and ask them these types of questions before you sign on the dotted line.

“I don’t have the best credit score. What do I need to do to lock in this home?”

Again, any reputable Atlanta GA rent-to-own house firm like Tami-Buys-Houses will help give you resources and connections to help you increase your credit score while you’re renting the home from us. This may include a referral to a reputable and honest Atlanta mortgage broker… credit counselor… or even our internal guidance along the way may be an option.

Of course, we realize that many of the tenant buyers who work with us on getting into an Atlanta rent-to-own house have bad credit. That’s OK. We’re experienced in working with that situation. But as always, we have to protect our investment as well and we’ll only work with a tenant buyer if you show that you’re committed enough today and a safe enough bet that you’ll consistently pay the rent on time and have a great chance of actually qualifying to purchase the home when the option agreement is up.

Last, but not least,

“May I take a copy of the rent-to-own agreement with my lawyer?”  –

The answer should always 100% of the time be “YES!” If you’re working with a landlord/seller of a rent-to-own house here locally that tries to guide you against running your agreement by your lawyer or CPA (or other trusted advisor) you should RUN THE OTHER WAY. Nothing in the agreement should be hidden or glossed over.

There are some really important elements in a rent-to-own / lease option agreement that you really should be aware of… and we want to walk you through the agreement line by line before you sign, so we’re both fully on the same page and can go into this with confidence and trust.

So, make sure that you take some time to review the agreement to make sure you understand it and how it works.

Any reputable rent-to-own seller will help you understand the agreement and encourage you to run it by a trusted advisor of your own.

So, what’s next? Seeing Available Rent 2 own homes in Atlanta.

With these six tips, it should be fairly easy to weed out the good sellers from the shady ones.

It’s always harder to find the better ones… the reputable ones… with REAL rent-to-own homes with a great seller behind them. When you do find a great rent-to-own house seller, you won’t be sorry that you went the rent 2 own route like so many others do.

So, your next step may be to dive in and see available rent-to-own homes in Atlanta, GA, right?

If you haven’t started your rent-to-own / lease option search… START HERE! 

Simply fill out the short form on that page and start your search to see what we currently have available.

Our rent-to-own houses in Atlanta tend to get snapped up fast… so be sure to get on our list and open the email alerts we’ll send from time to time when a new rent-to-own house becomes available.

Get On Our Local Atlanta Rent To Own House List Here >>

Also, if you’d rather chat with someone about our program or your situation… call us anytime at (404) 905-1415 or shoot us an email through our Contact Page.

We’re here for you and we look forward to working with you.