Whether you’re just getting into the lease option (rent to own) business, are considering it or are a seasoned veteran at this type of property transaction, then you’re going to want to pay attention to this list. It’s seven things that renters do not have to pay for. This is the type of information that’s important to know when you’re dealing with both rent to own buyers and sellers. A lot of times the parties involved just don’t know – they may think it’s the same as renting an apartment, but there are significant differences.
- Property taxes
- Home maintenance*
- Mortgage interest
- Home insurance
- Real estate and legal fees
- Landscaping and lawn care*
- HOA (homeowners association) fees
The two on the list indicated by the asterisk (*) are not necessarily included, as performing basic home maintenance and upkeep may fall to the renter as part of the contract. And after all, the renter is the future homeowner, so it will be in their best interest to keep the house as if it were their own, which someday it will be. The rental agreement will spell out exactly what the renter and what the seller will pay for and be responsible for. It is a document that is vital to ensuring a smooth transaction.
Read more here here.
