For some homeowners and potential home buyers, choosing to go with a rent to own contract is going to make a big difference. If you aren’t able to purchase a home right now due to credit or lack of finances, you can enter into a rent to own arrangement with a homeowner to help you make payments that go towards the purchasing of the home. Some homeowners are willing to do this arrangement because it allows them to get rid of a home in a market that is difficult to sell in.

Each of the rent to own contracts will be a bit different depending on what the buyer and the homeowner decide to go with in their contract. There are a few terms in the process that are often the same between one rent to own and another. To start, the renter will often agree to the lease terms for a specific duration. This is determined from the start between the homeowner and the seller and generally falls for a period between 1 to 3 years.

The renter will also agree to come up with a deposit for the home upfront. This can fall between 1 to 5% of the value of the home and is non-refundable to them. If they do not pay for the home and end up not buying it, the original homeowner will get to keep the fee. However, this is considered the fee for the down payment on the home. If the renter does continue the process and can purchase, that amount is used to help them purchase the home.

Once the renter is able to inhabit the home, they can continue contributing to the down payment of the home as well. They will pay a minimum that is the rental amount to the homeowner, along with a bit more to help with a down payment. The more they put down, the more they can pay off on the home. The price of the home will be locked in with the contract, so the price won’t go up when it is done, regardless of the market.

Our Kirkland apartments will provide you the home you have been looking for. We are proud to offer many great apartments for all of your needs. We offer a wide range of different options when it comes to amenities or the size of the apartment you would like to get. We welcome you to come and take a look at some of our units and determine whether they will provide you with the comfort and location that you are looking for. Come take a look, ask some questions, and see what we have available for you.