Many residents in Houston, Texas are no longer depending on the conventional ways of buying a home. These traditional methods of buying are become less common because they are overwhelming and costly. One can say the American dream is quickly changing if you think about it.
So many people are now turning to alternative home purchasing means in Houston, because one, lenders have made the loan approval process tighter, and two, prospective buyers are still trying to dig themselves out of recession.
In Houston, Texas, the number of rental homes and apartments has gone up drastically over the years. Families that can’t afford to buy homes the traditional way are now going for the lease option, also known as rent to own in Houston Texas. Thanks to this method, you can own a home by buying it directly from the seller, and not wait for the bank to disappoint you after going through the stringent qualification process.
How we start by outlining the pros of rent to own in Houston Texas:
This is pretty much the biggest hurdle to overcome. Qualifying for a mortgage in Houston, Texas is not easy and so many homeowners can attest to this. Ever since the recession, mortgage lenders have become more stringent because they don’t really want to risk losing a lot of money while doing business with clients. What makes people not even try to work with them are the unrealistic expectations that they usually have. But with a lease or rent-to-own option, the seller will want you to buy the home so they’ll come up with reasonable guidelines.
Time to improve credit
To increase your chances of qualifying for a mortgage in Houston, Texas, you have to have a great credit score. Rebuilding a credit usually takes one to five years. Therefore, if you were planning to buy a Houston home with the help of a mortgage but you have bad credit, start looking for alternative options.
Renting-to-own gives you the opportunity to live in your dream home, and then own it after a certain period of time. You don’t have to have a good score to own the home in Houston, Texas. All you have to do is sign a contract, move in, pay the rent, rebuild your credit rating, and when the time’s up, you get to own the home after paying the remaining amount.
Cons of lease or rent to own in Houston, Texas:
The rent is costly
With this situation, you can be charged more every month just because the seller knows the deal comes with a purchase option. If you choose to walk away after paying the rent after a given period, you’ll have spent more without benefiting at all. So make sure you know what you’re getting yourself into before you sign the agreement.
Are you looking for cheaper homes in Houston, Texas? We can help you find what you need. To get in touch with us, you can fill out a form found on our website or call us directly.