I'm not ready to buy a house...yet

There are so many advantages to owning your own home. Tax deductions, appreciation value, equity, borrowing power, and stability are just a few. Mortagage rates are also at all time lows and that saves you a bundle! But, owning a home is also a big responsiblity that everyone isn't quite ready for. Everyone's financial situation, goals, and lifestyle are unique.

"I'm running out of space in this apartment", "I don't have a yard for my children and pets to play in", "I would love to have a basement". Does any of this sound familiar? Just because you aren't ready to BUY a house yet, doesn't mean you can't LIVE in a house. You have options. You can LEASE a house.

There are many homeowners that explore leasing their homes instead of outright selling them. There are lease options in all neighborhoods, with homes of all sizes. How does leasing a house work?  Leases are generally written for a period of 1-3 years. You are usually responsible for all utilities.  Repairs and maintenance are subject to the terms of your lease. In most cases, first and last months rent is required as well as a security deposit.

Another option is Lease to Own. A lease-to-own house purchase (also "rent-to-own purchase" or "lease purchase") is a lease combined with an option to purchase the property within a specified period, usually 3 years or less, at an agreed-upon-price. The lease-purchase offers homeownership opportunities to consumers who can't qualify for a loan at that time. During the option period, they have the opportunity to rebuild their credit and accumulate savings while living in the house.

Working with a Realtor can be very beneficial when looking to lease a home. I can help you not only find a house, but also research the market, and understand the terms & conditions included in the lease.  You have questions? I have answers!

~Best,

Kandiss Ecton

Realtor

Dwellings Unlimited

248-875-5868

kandiss@dwellingsunlimited.com