But, let’s take a look at the advantages for you as the buyer.
In a rent to own agreement, you, as the buyer, freeze the price on the home for a year or two in advance of when you’ve agreed to close on the purchase. Since most markets appreciate, you’re locking in a good deal.
The extended closing date allows you the time to clear up any credit issues, and get pre-qualified for a loan. When you meet with a mortgage broker you’ll understand the amount of debt you can shoulder each month and still be approved for a loan. You’ll also discuss loan types, making you a well informed future borrower.
Essentially, renting to own gives you the time to get your finances and credit issues in order while you’re living in your dream home.