Is it a good idea to Rent to Own a house? | Pros and Cons of Renting to Owning in a home in 2024

Is it a good idea to rent to own? In this video, I discuss some pros and cons to renting to owning a home. With home affordability at an all time low, many are asking this question. If you're considering the path to owning your dream home, you've likely heard about this option. Renting to owning a home is a hybrid approach where you rent a property with an option to buy it later. Some pros include: Having a pathway to homeownership, Locked-in purchase price and time to improve your credit. Some cons include: Higher monthly payments, market value fluctuations and strict contract terms.

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Tanika Belfield-Martin
Associate Broker with Keller Williams Realty Centre
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O: 410-312-0000
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00:00 Introduction
00:42 What is rent to own
00:56 Pro #1 Path to Homeownership
01:13 Pro #2 Locked in Purchase Price
01:31 Pro #3 Time to Improve Your Credit
01:49 Con #1 High Monthly Payments
02:10 Con #2 Market Fluctuations
02:30 Con # 3 Strict Contract Terms
02:58 Conclusion