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Most Recent Articles
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- Marketing Luxury Real Estate on your Website
Write or pay someone to write up-to-date content about your areas of expertise and why they’re special. Not only will you rank higher for relevant keywords, you will also capture the interest of buyers who have spent the last hour on websites that all feature the same Copy/Pasted material. - Rent-To-Own: Home Ownership Lite
We may be seeing a significant increase of rent (or lease)-to-owns these days due to the current foreclosure crisis in America. A rent to own property can give those who may otherwise not be able to obtain a mortgage, a chance at owning their own property. As with any financial undertaking, renting to own requires some critical thinking on the part of the buyer. Rent to own is also known as a lease option sale.
The principle behind renting to own in real estate is that the tenant rents with the option to buy. Thus, most rent (or lease)-to-own tenants end up with both a rental lease and a purchase agreement. This ensures that both the owner and the buyer are very clear on what their rights and responsibilities are in terms of both renting and purchasing a property.
The tenant pays the owner what is known as an "option fee" or "option money", which can be any amount. This is the first sticking-point. Unlike a down payment that you can get back with the sale of a house, option money does not generally go towards the purchase price and is seldom refundable if you decide you don't want to or can't buy the home. Your option money ensures that no one else can buy the home while the "option period" lasts. If you do not choose to buy the home by the time the option period ends, in most cases, the seller is then under no obligation to sell it to you, return your option fee or what is known as a "rent premium".
The rent premium is the money paid above and beyond the rent price and, if you choose to buy, goes towards the purchase price, thus increasing your equity while you rent. This also provides additional incentive for both parties to stick with the plan. The buyer views the house as something other than just a rented domicile, and the seller can retain the extra money in the case of a default on rent or decision not to buy from the buyer. The buyer is not obligated to buy the property; a decision not to buy only means that the extra money spent is lost, but your credit is not affected.
Rent to own sounds like an easy compromise between renting and taking on the financial responsibility to own and for some people, that's just what it is. There are people who have made this solution work for them while rebuilding credit and retaining a home they like.
However, renting to own is also more expensive than obtaining a conventional mortgage. With a conventional mortgage, all of your money goes towards paying both principle and the interest on the loan. A rent to own means that only a very small percentage of your money goes towards the purchase price of the house. Also, the option money (which can be quite substantial) doesn't go towards paying the mortgage; it goes into the owner's pocket.
A real estate lawyer is your best bet when considering the rent to own property. It is also important to get everything done on the property that you would do for a standard house purchase, such as a home inspection, appraisal, and any other inspections that are recommended.
Sometimes the longest path is the shortest way to get what you want. Many people with bad credit have been able to achieve a decent credit score by paying off all outstanding debt, paying current bills on time, and avoiding incurring new credit debt. The time it takes to satisfy your creditors and rebuild your credit is also time you could be using to save up for a bigger downpayment on a conventional mortgage. Sometimes, the time spent on rebuilding credit for a standard mortgage will add up to much less time and money in the long run, as more of your money will be going into the house purchase instead of just the right to purchase within a given point. - Make Your Website Client Friendly
Get an attractive, clear website layout. If you're not up on your Internet acronyms, like HTML, CSS, etc. get someone competent to design it. A page should be attractive and clear. There should be no confusion of where to go in order to email you, look at listings or find out more about you. Most Internet users take mere seconds to decide if a website is worth their while. If your website is not laid out clearly, they will head back to Google to find another that is more accommodating. - Consider a Natural Swimming Pool
However, this does mean that it takes some time for the balance between naturally occurring organisms in the water, such as algae, and the filtrating plants to reach the point where the water becomes crystal clear. Once the plants have established themselves and the right water circulation level has been found, the pool will quickly settle into the clarity desired. - The Minimalist Approach to Home Decorating
A bedside table would be nice, too. A lot of people dress in their bedrooms - drawers are an advantage. Also, a laundry hamper might be needed for dirty clothing. If you're a reader, you might want a bookshelf. A chest for sheets and blankets might come in handy.
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