Not many people know how the rent-to-own system works. However, rent to own has recently gained popularity among first-time house buyers. Not only easy but there are also a lot more advantages that buyers can get when getting mobile homes for rent to own. This article aims to give the reader an explanation about rent-to-own mobile homes as well as some advantages of this method.
What is Rent-to-Own?
Rent to own is a house purchase method in which buyers are required to rent the house for a certain amount of time before deciding to buy it. When a buyer chooses this method, the portion of the rent payment will be accumulated as a down payment towards the end of the rent contract. After that, the buyer will then be given the opportunity to buy the home for a predetermined price.
Finding mobile homes for rent to own is quite easy. You can just look up on a search engine and type mobile homes for rent to own near me. Other than that, you can also visit a mobile homes community and ask for used mobile homes for rent to own.
Advantages of Rent-to-Own Mobile Homes
Nowadays, the average down payment for a mobile house can reach up to 5-20% of its price. Whereas the average cost of a mobile home in 2021 comes at around $82,000. If you’re unable to pay that amount of down payment, you can try to find mobile homes for rent to own.
The Next advantage is related to credit score. Generally, getting a loan for a house purchase requires a credit score of as low as 600. This might sound unrealistic for some new home buyers. However, by getting mobile homes for rent to own, you can slowly build your credit score towards the end of your rental contract.
In addition to that, there is a lot of competition on getting a dream house. If you get mobile homes for rent to own, you will eliminate any possible competitive buyer. You can do this by renting your desired mobile homes for a certain amount of time. In terms of mobile home insurance, it is up to you whether you want to ensure your mobile home or not.
In conclusion, mobile homes for rent to owncan be the best solution for first-time home buyers. This is due to the small requirement for credit score and low amount of down payment. However, be aware of some illegal contractors and scammers. Therefore, it is advised that you bring a lawyer to make sure the legality of your contract.
