It is important for buyers, whether they are making a deal for the first time or third or fourth time, to know some important questions they should ask before making any final decision about buying a rent-to-own homes.
Are Buyers Asking these 12 Rent-to-Own Homes Questions
The vital questions discussed below have great significance in the house buying process. If a buyer doesn’t consider these questions, the house buying procedure might be delayed. So, buyers have to consider the following questions.
How Much will the House Cost
The buyers have to know the total cost of buying a house. This most definitely includes the cost of the house, the appraisal amount, house inspection, mortgage interest and insurance, and other fees. If buyers want to make the right estimation of the budget, then consider all these things.
What Items will be Sold with the House
Sometimes the seller has to move to another country and doesn’t want to take anything except their clothes. They want to sell everything along with the house, so buyers must know about the items sold. Also, the number of items and their names should be mentioned in the sale contract.
What are the Reasons for the Sale
There can be several reasons for the sale of the house. These include the seller’s family is growing, improving the lifestyle, relocating because of a new job, and the seller has retired, so he wants to downsize.
What are Contract Options Available
The buyers of rent-to-buy properties should know that there are two types of house-buying contracts. The Lease-option contract gives the buyers freedom to buy the house or leave the deal. But in a Lease-purchase contract, the buyers have to buy the house, and they can’t back out from the deal.
How Much Do the Surrounding Houses Cost
The buyers can contact property experts like Stop Renting Perth to know the cost of properties surrounding the house they want to buy. Knowing the price of houses will give the buyers an advantage over the seller when negotiating.
What Should be the Right Credit Score
Several lenders will approve the house buying loan even if the credit score is five hundred points. This happens because the lenders are sure that the buyer will regain the required score within the renting period.
How Long will be the Rent Own Process in Perth?
The duration of rent to own process depends on different factors, including the time taken for the loan to be approved, the duration of the renting period, and unforeseen circumstances that delay the process.
Why is a House Inspection Necessary
A house inspection reveals the accurate conditions of the house. This ensures that the buyer has selected a safe house. The report made by the inspector is attached to the house buying contract with other important documents.
How Many Times Repairs have been Done
The buyers have to ask the sellers about the repairs done on the house. Also, ask questions about the renovations done and, most importantly, the roof’s age.
Is the Neighbourhood Safe and has all Facilities
When searching for a house, amongst other things, you ensure that the neighborhood is safe for the family. Another thing to notice here is whether the majority of the facilities are in the surrounding area or not.
When was the House Constructed
An older house will have a lot of repairs and maintenance, and the structure might become weak. A newly constructed house will be more significant and attractive to many buyers.
Who will be Responsible for Maintenance and Repairs
It will be mentioned in the contract of the rent-to-own home who is responsible for the repairs and maintenance of the house. Sometimes this responsibility goes to the landlord, the buyers, or both.
If buyers are willing to buy a rent-to-own house, they have to consider these questions.