How long should you wait to really own your home?
Some homes are being offered with a unique concept of lease-to-own: the owner of the house takes a small amount of the rent money paid by leasers towards the closing costs of the house. This new concept is only in place in a small community in Indiana, but the purpose of the community was to create an opportunity for families with less income to be able to buy their own homes.The traditional lease-to-own option involves the same concept, but the lease usually lasts just a few years – 2 or 3, 5 at the most. This unique lease-to-own opportunity involves the home being leased for 15 years, after which time the family leasing the home has the option of buying it. But, 15 years? That’s quite a long time.
15 years is far too long to wait to be able to own a home, and the truth is that the traditional concept of rent-to-own homes is much more effective. While it may not be suitable for low income families, they are better for the average family that is looking to buy a home. After all, within just two short years, they will be able to purchase the home – with some of the money from their lease going towards the costs of closing the sale of the home.
For those who are going to lease a home with the idea of buying it in the near future, the traditional lease to own option is probably the best. You won’t have to wait 15 years to buy your house, and you can start the sale process within just a few short years of living in your home. It will be much easier for you to prepare for the sale, as you will be able to plan for it during the time that you are living in the home.
For low income families, however, these homes with the 15 year lease to own option can actually be a real boon. After all, they will be able to pay a fairly low rent on the homes – homes that can actually be fairly luxurious, according to the article. They will be able to live for a low price in these homes, and every month a small amount of their lease will go towards their ownership of the home.
