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Ne 54th St, Vancouver, Wa 98662
List courtesy of Northwest MLS. The information contained in this listing has not been verified by MLS and should be verified by the buyer. 3 Tree icons refer to NWMLS lists.
To submit a Digital Millennium Copyright Act (“DMCA”) takedown request for any NWMLS listing, please review these guidelines and follow the instructions provided. As a renter, you’ve probably heard of “homes for rent” or perhaps “rental programs”. And if you’re about to own your first home, you might be wondering if a rental home is the right path to homeownership for you. Fortunately, rental homes are just one way to buy a home for the first time, but it’s not for everyone. We’ll walk you through some important details you might want to consider before deciding if renting is the best option for your home buying goals.
In simple terms, a hire-purchase home is a residential property that you agree to live in on a rental basis for a set number of years, with an option to purchase at the end of the lease term. With most leases, the landlord pays an additional monthly fee that contributes to the down payment. The rental agreement also covers the purchase price of the house. The tenant can also take care of the maintenance or the punctual maintenance of the property.
With a lease-to-own home, you rent your home for a fixed term and then buy it, usually with a mortgage, at the end of the lease term. While it may seem like a simple way to become a landlord, just making the transition from tenant to landlord is not enough. There are taxes, negotiable purchase agreements, and other considerations to consider (and ask) when considering a lease option. Here is a list of things you might come across when looking for properties to rent:
Northeast 102nd Circle, Vancouver, Wa 98686
If you’re interested in buying a home with a lease, it’s good to understand the process. At the start of your rental period, you must pay an option fee. Option fees are typically one to five percent of the purchase price of the home, although there is no standard rate.
For example, if the purchase price of your property is $100,000, you will pay between $1,000 and $5,000 – sometimes non-refundable – before moving. And you have to pay that along with your other upfront payments like your security deposit. Keep in mind that these fees are often negotiable, so feel free to offer different options to your landlord or seller.
Another upfront cost to consider is paying for a home appraisal and inspection. You can use this data to assess whether the property is in good condition and worth your investment. You can also do a title search through a title company to make sure there are no excess liens on the property and that you are working with the actual owner of the deed and the property taxes are up to date.
The structure of your contract can have a significant impact on your options and your obligations as a tenant and future owner. With a lease option, you generally reserve the right to terminate the contract at the end of your lease period. Although you could lose the money you spend to get the option to buy the property, a lease option agreement can be a good option for tenants who want to protect their interests and get out.
Northeast 58th Street, Vancouver, Wa 98663
A hire-purchase agreement usually states that you must buy the property at the end of the agreement, whether or not you want the property or can secure the financing (i.e. a mortgage). If you fail to purchase the property, you may be prosecuted or subject to other penalties.
Regardless of the type of rental contract you are considering, it is always advisable to have the contract reviewed by a real estate lawyer.
Your rental agreement should include the purchase price of the property. Before signing the contract, you already know what you will spend on the property at the end of the lease term. In most cases, the purchase price is higher than the current market value of the house. This can be good in real estate markets where prices tend to rise reliably year after year, but it can also be risky.
For example, if the purchase price of the home ends up being above market value at the end of the lease term, you may not be able to get a mortgage for that amount. Lenders use the property as collateral for a loan. Be aware that a lender probably won’t offer a mortgage if the market value of the home is less than the mortgage amount. You must pay the difference between the market value and the purchase price to qualify for your mortgage.
Truewood By Merrill, Vancouver
It’s also a good idea to check what the housing market is doing in your area, noting how house prices have risen on average over the year to confirm that the purchase price stated in the agreement is correct. You can also check real estate listings in your area to see how homes have generally sold: up, down, or listed. This is another tool that can help you determine if a home has been priced correctly.
Typically, your monthly lease payments and home purchase costs, if any, will be listed in your tenancy agreement. Many agreements allow you to put your option fee — anywhere from one to five percent up front — on your home purchase. Many rental contracts also include an additional monthly cost that goes toward purchasing your home.
For example, if your monthly rent payment is $1,600, $1,200 is allocated towards your monthly rent and $400 is allocated or “credited” towards the purchase price of the house. If your lease is for two years, you’ll end up with $10,000 ready to use toward your purchase at the end of your lease. Your contract should indicate where your payments for the purchase are kept. Ideally, these funds should be held in an escrow account or something similar to ensure they are available to you at the time of purchase. Again, it is always advisable to review your contract with a real estate attorney.
Many leases don’t have extensive maintenance requirements, but some do. The tenant may be required to cover the cost of replacing the roof, for example, or repairing other damage, which can be significant expenses. Most of the time, when maintenance is needed, the tenant takes care of the lawn or other small household chores. Just beware of any arrangement that requires a significant financial burden.
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At the end of the tenancy, you can purchase your property according to the terms of your contract. If your contract is a lease option with an option to buy, you can choose to withdraw from the agreement for any reason. You will likely lose your option fees and some or all of your home purchase payments. But it is often the price to pay for not having additional obligations.
If your contract is a hire-purchase agreement, you will likely have fewer options. The options available to you depend on the contract, which is why it is very important to review it with your lawyer.
Ideally, you buy your property as you
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