Search SugarHouse "Rent-to-Own" Homes
Tamra for Help with Rentals
Are you finding plenty of
houses for rent in the Surgar House area?
Didn't think so. The truth
is there just aren't enough good rentals in the Sugarhouse area to go
around. But not to worry, we know a secret; we know where all the best
rentals are in town and there well hidden. Do you want to see them?
Rent In Sugarhouse
1810 E Stratford Ave. Sugarhouse -
Salt Lake City, Utah 84106
Coordinates: 2560 S / 1810 E
Subdivision: Highland Park
So where are all these
hidden rentals in Sugarhouse Utah?
They are listed for sale,
not for rent. However, many really are for rent. Here's the catch..
Many homeowners that would
like to sell their property often are willing to rent it and even give you
the option to buy later if you choose to. Why? Because they can't afford
Problem for Sellers of Real Estate Nowadays
are in a pickle. They are living somewhere else, perhaps renting or even
buying another property, so they end up having two monthly payments; the
house they want to sell and the one they are currently living in.
can't get the property sold in the time frame they need they often tell
their Realtor to go ahead and rent it for now.
"Sell it or
rent it, just do something so that I don't have to continue to keep making
two monthly payments.
do this on purpose. They purchase the property with the intention of
offering it for rent and for sale.
basically means to you as a prospective renter, is that there's a lot of
properties not being advertised for rent, they are only being advertised
as for sale in the newspaper, but they are available for rent too. It's
just that hardly anyone knows about them. Just the real estate agents that
use the Multiple Listing Service. But now, since you have access to that
same MLS, you too can know where all the good rentals are.
Rent-to-Own by Any Other Name
These types of
opportunities usually are called, "lease-with-an-option-to-buy". When the
word, "lease" is used, it doesn't necessarily mean that it has to be a
long term lease, in fact, there are even month to month terms that will
let you have the option of buying. Ask Tamra for help because those kind
of deals are out there.
How they work is you agree
to rent for a certain length of time, at the end of that time period, you
can choose to purchase the property or not, it's up to you. You have first
option though. No one else can come in and buy the house before your are
first given the opportunity and even then, it's only at the end of the
agreed upon length of time. You enjoy living in the rental/house for sale
the entire time without threat of the home being sold from underneath you.
Benefits of a Lease-With-An-Option Property
Why do it? Why choose a
property that has a Rent-to-Own arrangement instead of just renting?
More that just having a
larger selection of rentals to choose from, there's very few down sides or
cons to this type of arrangement. For example, you're usually not stuck in
anything for any longer than you would otherwise be even if you were just
renting. In fact, sometimes you can even get a shorter term because the
seller really does want to sell as soon as possible.
The purchase price is
agreed to at the beginning of the agreement so you know by the time you
decide to purchase if it is really the house worth buying or not. Less
mistakes are made if you could live in the house before committing to buy
it. If you don't like it there, simply don't buy it.
Also, if you just don't
have the good credit to buy at the moment but foresee that things could
get better, this gives you the opportunity to improve your credit score
and other circumstances while you are in the temporary mode of renting,
but still able to buy the property you really want at the price you could
And another advantage is
that often, part of your monthly rent payment could go toward the purchase
of the home. Can't beat that.
Perhaps one of the best
benefits is that while you're renting, the home appreciates in value. You
not only get to live in a house you know you're going to enjoy living in,
you're also sure to get a good price because since you own the "option to
purchase right", you basically have the right to buy the property, which
now may have a high value, at the low price that you agreed to purchase at
originally. In other words, you're getting a great deal now.
Are there any down sides to
renting a lease-with-an-option-to-purchase property?
If you don't have any down
payment at the moment, many sellers may be reluctant to let you rent
simply because they're taking all the risk. They want you to feel inclined
to purchase the property and if you've put nothing into it, you lose
nothing if you just walk away from it.
Is there a solution to
having little or no down payment?
Sometimes there can be. Or
course, you want to ask Tamra Rieper for help here because she might be
able to negotiate something in your behalf that this article is not
extensive enough to cover. As an example, perhaps you could offer a larger
monthly payment than what is being asked for so that the surplus can be
applied toward the down payment. Or perhaps the seller will credit
you toward your down payment when it comes time to exercise your option to
buy because you have done repairs to the property such as painting,
landscaping, etc. You might be surprised what can be done to get you into
one of these ideal rentals.
You certainly don't have
anything to lose by looking into renting a property that has an option to
buy term. Either start searching with the help of this FREE website or
contact Tamra and have her get you a list of properties that have this
offer. You might be surprised how many rentals there really are in
Surgarhouse, Salt Lake City, Utah.