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Rent Try Buy - Rent Try Buy Helps First Time Buyers

By Paul Sharp

Rent try buy is a scheme where the renter of a property attempts to buy it at a later stage. People rent a house for many reasons, of which the major being, lack of funds to put up a mortgage. In a critical financial position the first option that comes to ones mind is renting an accommodation. This is a safer bet. But every human being has a dream to possess a house during their lifetime. For them, the best alternative would be rent try buy.



Managing funds to buy a house is an art by itself, with a little bit of homework this task could be accomplished with ease. The first major factor would be to have good credit scores. A good score can make you eligible for a loan and it is the gateway to your dream house. In case your ratings are poor, then work on the rating, rent an accommodation and use the time to improve your scores. Rent try buy will certainly work in your favor.



First time home buyers have the advantage of lower down payment. Look for such programs and utilize it to your benefit. Government sponsored programs are available, which can help you to buy a home.



Rent try buy option helps to save for the down payment. A 20% down payment will help and the balance can be acquired through mortgage, if your credit ratings are good.



Rent try buy gives you lot of time to shop for the right house. Do not force yourself into a buy. A leisure shopping for house can save money as well as unwanted complications which may crop up at a later stage. You can search for a property with the help of the internet. There are number of online property shops available where you can choose a house of your choice which fits your pocket.



Before locating a house, decide what type of house you would require, like how many bedrooms, bathrooms, garage, with or without lawn, ventilation, play space etc. Instigate a search only if you are sure of these. Of course the price also matters. See how much you can pool in and how much mortgage you can afford. Since, monthly payments have to be made; a thorough calculation is required before deciding to own a property. All this thinking should be done before choosing a rent try buy scheme.



A property that comes with rent try buy option should suit your requirements. Do not select a property just because they have less down payment or cheaper rents. Such selections are likely to have some hidden cost. Be careful before you choose rent try buy plan. A thorough reading of the documentation is mandatory.



In case of any doubts in the documentation it is advised to consult experts in the field, as they might be able to help you better. Consulting a legal adviser can rescue you from embarrassing situations. Ultimately, rent try buy is no doubt the best option for first time buyers.



About the Author: Rent to Buy is a new approach which provides home buyers the opportunity of home ownership without taking on debt. It works like a normal rental agreement within a normally 20%-30% rental payment which is put towards the price of the home. OwnYourHome.com.au can help you find rent to buy homes that are right for you.



Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=327584&ca=Real+Estate

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