What is Rent-To-Own?

By
Real Estate Broker Owner with Dennis J. Zisa & Associates, Inc.

What is Rent-To-Own?

"Rent to Own", otherwise known as "renting with the option to buy", is a technique where the tenant, in addition to a lease, is given the right or "option" to purchase the property at some point in the future.

Here at Dennis J. Zisa & Associates, we utilize this technique in order to accommodate those who wish to own a particular home on a seller financed installment sale, but do not have the required down payment ($3,000-$6,000) which is needed for an installment sale purchase.

With Rent-To-Own, you move into the home like you would any other rental, with just the 1st months rent and security deposit. Then over the course of the first 12 months of your lease, you have the opportunity to accumulate rent credits and "good tenant rebate" credits which, when put together with your security deposit, make up the full down payment required to own the home on an installment sale purchase.

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Ambassador
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Larry Bettag
Regional Vice-President
Larry Bettag - Cherry Creek Mortgage

Den...this is becoming a viable option, more and more.  Great for so many people!

August 08, 2011 10:14 AM
Rainmaker
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Dennis J. Zisa
Dennis J. Zisa & Associates, Inc.

Thanks for the comment, Larry....and so true!

Unfortunately, given the current financial environment, some form of creative financing is often times the only option!

August 08, 2011 10:42 AM
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Dennis J. Zisa

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Additional Information

South Jersey Homes, Condos, Townhomes, Multi-Family, Commercial Properties, Rentals, Installment Sales