How does rent-to-own work? : vimarsana.com

How does rent-to-own work?
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Couple looking at a rent-to-own contract
As home prices continue to rise, those with their heart set on homeownership may be starting to explore less-traditional options to climb onto the property ladder. One such option is a rent-to-own agreement, a method of buying a house by renting it first. Here's what you need to know.
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What are rent-to-own homes?
A rent-to-own home is one that allows for a tenant to rent the property, but also gives the tenant the option to buy it before the lease expires. Through rent-to-own, tenants can effectively test-drive a home, living in it for a period of time before they choose to buy it, while the owner of the home can use the purchase option to lock in a sale price, and also find a higher-quality tenant.

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