Using a rent to own contract can be a great way to purchase a house in Atlanta however there are some things you should watch out for. Learn more about the process in our latest post! Rent to own agreements are becoming increasingly popular with buyers in the Atlanta area. It allows people who may have had one small setback to finally find the path to homeownership. It can help people who are ready to lay down roots today but lack the funds for a traditional down payment at the current moment. It can help people in all stages and situations who want to buy a home right away in the Atlanta area! Below are a few things you should know and watch out for when using a rent to own contract to buy a house in Atlanta ! Contract Terms Not all contracts are the same. Youll need to look over all the details to make sure there isnt something in the contract that could come back to bite you. The downpayment monthly lease payments penalties and the amount going to your down payment on the home need to be laid out so there are no discrepancies. You might also be faced with an option fee or a percentage of the taxes and insurance costs. Repairs Some leases will require the tenant to handle small repairs and maintenance to the home before they technically the owner. While most tenants dont have a problem with this it is important to include in your budget when purchasing a property this way. Its important to make it clear who is responsible for what as to avoid any disagreement in the future. Default What happens if you are late on a payment? You dont want a small infraction to end up costing you the house you want and the money you have put into it. While your down payment wont be that of a loan it still wont be anything you will want to lose. Preferably you should be on good terms with the seller so drastic measures are avoided for small and infrequent mistakes. Contingencies When agreeing to buy via a rent to own agreement youll want to make sure you have an escape route should anything go wrong. If after you move in you discover there is a major problem with the house you wont want to have to be obligated to purchase the house or lose your money. Be sure there is a contingency in the contract allowing you to walk away if there is something fundamentally wrong with the house or the title. Losing Money If you have signed a contract but decide the house simply isnt right for you when it comes time to purchase you will be out the deposit money you paid upfront in addition to any rent overages you aid during the lease term. This can mean thousands of dollars the property owner will not need to give back to you. When going into a rent to own agreement ideally you want to be 100% certain it is the right property and that you will be able to buy it with a traditional loan in two years or when your negotiated lease term is up. If you are confident a rent to own contract can be a great way to buy a house in Atlanta . We only offer the best properties and rent to own situations for the clients we work with in the Atlanta area. Let us help you find the rent to own situation that is right for you! If you are interested in using a rent to own contract to buy a house in Atlanta reach out to us we are here to help! 678-337-1165 The post Things To Watch Out For When Using A Rent To Own Contract To Buy Your Home In Atlanta appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/things-to-watch-out-for-when-using-a-rent-to-own-contract-to-buy-your-home-in-atlanta/