Rent to buy remains an attractive option for both prospective buyers and willing sellers.
How does it work? As with any other contract, a rent to buy contract will be agreed upon between the landlord, the willing seller, and tenant, the prospective buyer. Terms the two parties will have to agree upon include the following:
Going the rent to buy route has various advantages. For the buyer, it means you can live in a property before deciding to own it. Tenants can also “tie up” a property for a specific purchase price without parting with much cash upfront. Landlords, on the other hand, can benefit as tenants are more likely to look after a property when they might own it a few months down the line.