With home prices and down payments on the rise, many prospective homeowners are finding a different path to homeownership. Some homeowners and landlords offer “rent-to-own” arrangements where tenants can buy the homes they are renting after a period.
A rent-to-own contract requires a prospective buyer to pay monthly rent to the homeowner plus a payment towards purchasing the home at a later date, usually three to five years in the future. The purchase price is set in advance.
For example, a house could be rented by its owner for a standard rent of $1,750 per month. But when negotiating the rent-to-own contract, the buyer and the homeowner can agree that that [...]
Jim is divorced, with two grown children and a secure job. He currently rents a condo, but he is approaching his 50th birthday and wondering if he should simply buy it outright. Caroline is in her 40’s and recently widowed with a significant inheritance that would allow her to buy her own home. Pat is a single mother of two, struggling to get by on $40,000 a year. The one question they all have is, “Should I rent or buy a home?”
“Historically,” said Ken H. Johnson, Ph.D., “the American dream has been to own your own home. But is that still the dream? No, not for a lot of us.” Johnson is the Associate Dean and a Professor in the Finance [...]
Drones are giving real estate buyers a whole new way to see potential homes online — from the top down. The availability of drones for commercial uses has added a new dimension to portraying real estate online that is changing the ways many agents and their clients are marketing their homes.
A drone’s eye view of a property can include dramatic video footage that introduces a home from above or takes viewers on a breathtaking aerial tour to give a feel for a home in its neighborhood setting and surroundings. Drones can take panoramic aerial shots from up to 400 feet up or zoom in for close-ups to feature a home’s exterior details and off landscaping features like [...]