Reasons to Acquire a Rent-To-Own Home
A rent-to-own agreement is a deal in which allows renting a property for an agreed period of time, with the option of buying it before this period of time ends. A standard lease agreement is included in the rent-to-own agreements and also an option to buy the property at a later time. Lease-option contracts allow you to the right to buy the home when the lease expires. On the other hand, lease-purchase contracts require you to buy it. The rent is paid throughout the lease. Generally, a percentage of the payment is applied to the purchase price.
It is important to purchase a property for the right reasons. You must make sure that you are ready and you are not buying because you feel that it is what you "must do". For this reason, real estate experts from the housing complex Ebbets Field Apartments, present the 5 reasons why you should buy an apartment, taking advantage of the rental alternative with the right to buy.
1. You feel ready
Buying an apartment is a big step. It is not a purely financial decision, it is also emotional. So it makes sense to feel nervous about making such a large purchase.
However, if you are ready, both, financially and emotionally, you must take the step of buying the apartment you want. By living in a rented property, you become familiar with it and you feel comfortable. So, instead of renewing the traditional rental contract, real estate experts from Ebbets Field Apartments recommend to sign a rent-to-own agreement.
"A home not only gives you security and a sense of accomplishment, it can also set you up for financial success," say Ebbets Field Apartments experts.
2. You want to achieve financial stability
One of the best things about owning a property is the accumulation of capital. By living in a place under a rent-to-own agreement, instead of spending money on rent monthly, you will be investing it in your property.
In the event that you buy and later want to sell the property, you can recover a part of that money to spend it on your next home or on another important purchase. Real estate experts from Ebbets Field Apartments point out to keep in mind that the property market can be unpredictable, so there is no guarantee that your property will increase greatly in value, although real estate is generally an appreciable asset.
3. Are you safe in your job
If you are sure that you will stay at your current job, it is a good idea to buy a home. Having a stable income will help you adjust your budget, pay off the mortgage and accumulate capital. It will also prevent you from wasting money.
4. Tax relief on mortgage interest
In the first years of paying your mortgage, you will be paying the interest. You can deduct a percentage of the interest from the taxes. Experts from Ebbets Field Apartments (see their apartments on Zillow) indicate that this can help you reduce the total amount you pay in taxes annually. So having your own home offers you tax benefits.
5. Stability
All people reach a point in their lives where they want stability. Owning your own apartment allows you to be part of a community, feel familiar with an area, and ultimately, have a space that you can call "home".
Contact the real estate experts from Ebbets Field Apartments if you are interested in buying apartments. At their housing complex, located in Broklyn’s Crown Heights neighborhood, they have to offer from large studios, to 1, 2 and 3 bedroom apartments, with views on of Prospect Park, the statue of liberty and the Manhattan skyline. They also offer the possibility to buy an apartment online.
