Renting to own in Ann Arbor in a down economy can have its advantages

It doesn’t take a genius to see our economy is in turmoil right now. Also, it wouldn’t take one long to see that right now, is the best time to buy. However, some people can’t afford to buy a house right now. That is why a lot of homes are coming on the market as “rent to own.” In other words lease the house!

There are plenty of advantages to renting to own; especially in a downed economy and market. Ann Arbor Michigan Real Estate is a great deal and Michigan is a great place to find that next rent to own home!

Your first advantage would be a low down payment. Many creditors or renters will allow you to have a much smaller down payment, and allow your monthly payments to be applied toward your down payment.

This is great because we essentially got into our current housing bunk because people were getting mortgages with no money down which already pretty much put a strain on their finances.

Your second and greatest option is that you have options. You have the option when your contract is getting ready to expire to either buy, or walk away with no questions asked. It is like being able to test drive your home.

In your contract period you have the option of watching the housing market. If it appreciates your best interest would be to purchase the house seeing as you already have built in equity. On the other hand, if it depreciates you can simply exercise your option to walk away!

All of these scenarios mean you win. And that is a great thing to have. Security doesn’t come standard anymore in today’s economy. So take it while you can get it! Rent to own in Ann Arbor.