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Palm Beach Rent To Own Homes is the local leader in rent to own homes in Palm Beach County Florida. We specialize in helping Palm Beach residents earn the satisfaction of realizing their homeownership dreams through our Palm Beach Rent To Own Home Program.
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Palm Beach Rent To Own Homes
8461 Lake Worth Road Suite 1-240 Lake Worth, Florida 33467 Phone: 561-771-4347 Website: http://www.palmbeachrenttoownhomes.com Google Site: https://sites.google.com/site/homesforrenttoownfl/ Google Folder: https://goo.gl/HZ9AuU Twitter: https://twitter.com/christinatmarch https://plus.google.com/116287881073580424586 https://www.facebook.com/Palmbeach-Rent-To-Own-Homes-1359313940858481/ https://www.youtube.com/channel/UC7XUQ5F7IQLMZ8dkL3VioWg https://twitter.com/rent2ownhomesfl
Rent to Own Statistics According to the Federal Trade Commission survey on rent to own consumers, 2.3 percent of households have participated in rent to own transactions. Of that 2.3 percent, 4.9 percent participated them in the last 10 years. The survey, conducted in the year 2000 represents the entire rent to own industry. That includes people who rent to own furniture, electronics and other purchases. It is not limited to the rent to own home industry.
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Almost 80 percent of people who rent to own are between the ages of 18 and 44, according to the same survey. Sixty-seven percent of people who rent to own intend to purchase the product at the end of the lease and fifty-eight percent of people who rent to own actually purchase. While the majority of people who rent to own eventually purchase the products they are renting, there is still a large chunk of people who rent to own that do not purchase the home. That is the reason why the option fee is so important for renting to own homes. The seller is committing not to sell the property to anyone while you are leasing it because he or she has the expectation that you will purchase the home at the end of the lease and he or she will receive the full value of the home in cash. If you end up not purchasing the home the seller does not get the money. The seller’s time has been wasted. The option fee serves as an incentive for a buyer to go through with purchasing the home and a consolation for a seller who ended up not selling his or her home. Factors Influencing Consumer Opinions About Rent to Own Twenty-seven percent of all rent to own customers complained about high prices for rent to own products. That complaint makes a lot of sense. Renting to own is considerably more expensive than buying outright. It can cost more than plain renting too. If you rent to own a home at $1,000 a month for 2 years and then purchase a home for $100,000. You have essentially paid $124,000 for the home – 24 percent more than people who buy outright. People do it because they cannot afford the down payment on a $100,000 home when they start the lease. Or, they do not qualify for a mortgage quite yet. For someone who cannot yet purchase a home, the extra $24,000 would have been spent on rent regardless. Therefore, the added expense of rent to own is nonexistent because if the person was able to purchase a home at the time, they would have. The tricky part is when rent premiums and option fees come into play. An option fee can be anywhere between one and five percent of the total cost of the home. Therefore, on the theoretical $100,000 home, the option fee would be between $1,000 and $5,000. The option fee makes renting the home more expensive, but it does not make the purchase price more expensive. You see, if you purchase the home, you will still be paying $124,000. The only difference is that you will have a $1,000-$5,000 credit applied to your down payment. However, if you end up not purchasing the home, you do not get the credit, so instead of $24,000 for 24 months of rent, you paid $29,000 for 24 months of rent. That’s almost 21 percent more than fair market rent.
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Then you factor in rent premiums which may be in your contract. For example, you may have paid $1,100 a month, in exchange for a $200 credit each month toward your down payment. In this situation, you would have a $4,800 credit toward the down payment of your home in addition to the option fee. However, like the option fee, if you choose not to purchase the home, your rent would be $2,400 more expensive than fair market rent. Rent premiums are a good deal for people who purchase the home, but the added expense can make some customers disgruntled. What Do These Facts, Figures and Statistics Mean In general, renting to own is not the best option. When you have enough cash and a good credit score, you should not rent to own. However, many people do not fall into this category. For that reason, rent to own remains a viable option for many people interested in taking steps toward owning a home.
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Contact Details: Palm Beach Rent To Own Homes 8461 Lake Worth Road Suite 1-240 Lake Worth, Florida 33467 Phone: 561-771-4347 Website: http://www.palmbeachrenttoownhomes.com Google Site: https://sites.google.com/site/homesforrenttoownfl/ Google Folder: https://goo.gl/HZ9AuU Twitter: https://twitter.com/christinatmarch https://plus.google.com/116287881073580424586 https://www.facebook.com/Palmbeach-Rent-To-Own-Homes-1359313940858481/ https://www.youtube.com/channel/UC7XUQ5F7IQLMZ8dkL3VioWg https://twitter.com/rent2ownhomesfl Related Contents: rent to own homes lake worth, fl homes for rent lake worth, fl homes for rent near me lake worth, fl rent to own homes near me lake worth, fl houses rent to own near me lake worth, fl how to rent to own a home lake worth, fl rent to own homes by owner lake worth, fl rent to own homes no credit check lake worth, fl rent to own homes by owner near me lake worth, fl rent to own homes for sale lake worth, fl rent to own homes usa lake worth, fl houses for rent lake worth, fl rent to own homes in lake worth, fl rent to own homes with bad credit lake worth, fl apartments for rent lake worth, fl houses for sale lake worth, fl homes for sale lake worth, fl rent to own lake worth, fl apartments for rent near me lake worth, fl houses for rent near me lake worth, fl Recommended Links: https://goo.gl/mRyfMa https://goo.gl/xPZZnC https://goo.gl/RyW549
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