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Pros and Cons to Lease-To-Own Homes

By | Lease to Own | No Comments
Buying a new home can be a complex process, and there are a variety of different approaches you can take that will greatly affect affordability and flexibility.
 It’s important to understand the pros and cons of leasing to own as well as some of your other options.
Rent to own in amarillo texas

Rent-to-own agreements are a popular way to secure the option to buy a new home while avoiding locking yourself into a contract “just yet.”

Pros Of Leasing To Own

Here are the best aspects of a lease-to-own agreement:
  • Rent may be lower than your house payment would be. If you expect to be stronger financially in a few years’ time, that difference could be important.
  • If you aren’t sure yet where you will live years down the road or if you want to buy a particular home, rent-to-own locks in an option without locking you in.
  • You secure the purchase price as well as the option to buy upfront.
  • Buyers with poor credit scores can often get approved for rent-to-own homes, build up credit by paying their rent on time, and ultimately take the option to buy.
  • A portion of your rent normally counts towards buying the home should you eventually decide to do so.

Cons Of Leasing To Own

Here are the main drawbacks to a lease-to-own setup:
  • You may have to pay a little higher price for the house in order to enjoy the flexibility of renting to own.
  • Only a fraction of your rent applies to the purchase of the house, and if you don’t decide to buy, none of it does. All upfront premiums are usually non-refundable.
  • If the home value falls while you’re renting, you might not want to buy anymore. You would then have to go through terminating the agreement, finding a new home/apartment, and moving all your stuff.

Experience Homes’ Trade-In Program

If leasing to own doesn’t appeal to you for any reason, but you dread the ordinary hassle and problems that can come with being “between homes,” Experience Homes’ Home Trade-In Program might be for you.
Here are the major benefits this program offers:
  1. You pay zero realtor fees, which could save you thousands of dollars.
  2. Experience Homes buys your current home as a trade-in and applies up to 90% of its appraised value (the equity in it) to your new home purchase.
  3. You won’t get caught paying two mortgages for months on end, while in limbo between homes.
  4. There is no stress of trying to market your home or move out/in by a preset date. Experience buys your old home on the very day you move into your new one (if you wish.)
To discuss having your dream home custom-built by Experience Homes and/or to talk to us about our Home Trade-In Program, call us at 806-318-8686 or contact us online today!
817zefeW FL. SL1500

New Home? 5 Tips to Make Moving Easier

By | Buying Process
It doesn’t matter what kind of deal you get on a new home in Amarillo, Texas, moving is hard. The best you can do is diminish associated hassles. Following are several tips to help stimulate your mind and save you unnecessary difficulty during your move.

 

1. Get New Homes Re-Keyed Immediately

Find out how many doors are accessible via key, and which keys access them. Rekey those doors as soon as possible after you’ve signed the dotted line. If you can do it the day of the sale, this may be worthwhile. You’ll need to secure the new premises; doing so sooner rather than later makes the moving process easier.

 

2. Use The Move To Organize Yourself

Perhaps have a yard sale as you move, throw out what you don’t need, and get everything else properly organized as you pack it up. 
new home in amarillo

When in your new home, hang on to your new organizational practices.

3. Use House Trade-In Programs Like Those From Experience Homes

A house trade-in program helps you avoid realtor fees, you don’t have to show your old home, you don’t have to pay simultaneous mortgages, and you can leave when you want. This can give you flexibility in time frames, making the sale of previous property and the move to a new home much less complicated.

 

4. Be Strategic With Garages, Attics, And Finished Or Unfinished Basements

Attics, unfinished basements, and garages are often unused or improperly used. Now that you’ve reorganized everything, determine if you’ll use these spaces for storage or utility. A garage could be a “workshed,” as it were. Or it might just be a place for cars.
Know what you want to do beforehand, pack up strategically for what you’ve planned. This is a lot easier than just throwing things where you can and losing utility of a room for a few weeks or months after the fact.

 

5. If You Need To Paint Anything, Do It Prior The Move

Be sure you know whether the new home needs painting work. Oftentimes new homeowners don’t realize this until after they’ve already come into a new property. Do so prior to your move and save yourself some hassle.
new home in amarillo

It’s a lot easier to paint empty rooms than full ones.

A Moving Experience That’s More Convenience

Moving is work, but you can defer much of it by doing repairs/augmentations like painting prior the move, having a plan for your possessions beforehand, going with Home Trade-In options like those from Experience Homes, home builders in Amarillo, Texas, organizing yourself and goods during the move, and ensuring all doors are immediately rekeyed. Some of these tips may or may not be right for you; figure out what works, and save yourself some trouble!