Search SugarHouse "Rent-to-Own" Homes

Ask Tamra for Help with Rentals

Are you finding plenty of houses for rent in the Surgar House area?

Didn't think so. The truth is there just aren't enough good rentals in the Sugarhouse area to go around. But not to worry, we know a secret; we know where all the best rentals are in town and there well hidden. Do you want to see them?

When they can't get the property sold in the time frame they need they often tell their Realtor to go ahead and rent it for now.

"Sell it or rent it, just do something so that I don't have to continue to keep making two monthly payments.

"Investors also do this on purpose. They purchase the property with the intention of offering it for rent and for sale.

What this basically means to you as a prospective renter, is that there's a lot of properties not being advertised for rent, they are only being advertised as for sale in the newspaper, but they are available for rent too. It's just that hardly anyone knows about them. Just the real estate agents that use the Multiple Listing Service. But now, since you have access to that same MLS, you too can know where all the good rentals are.

Rent-to-Own by Any Other Name

These types of opportunities usually are called, "lease-with-an-option-to-buy". When the word, "lease" is used, it doesn't necessarily mean that it has to be a long term lease, in fact, there are even month to month terms that will let you have the option of buying. Ask Tamra for help because those kind of deals are out there.

How they work is you agree to rent for a certain length of time, at the end of that time period, you can choose to purchase the property or not, it's up to you. You have first option though. No one else can come in and buy the house before your are first given the opportunity and even then, it's only at the end of the agreed upon length of time. You enjoy living in the rental/house for sale the entire time without threat of the home being sold from underneath you.

The Benefits of a Lease-With-An-Option Property

Why do it? Why choose a property that has a Rent-to-Own arrangement instead of just renting?

More that just having a larger selection of rentals to choose from, there's very few down sides or cons to this type of arrangement. For example, you're usually not stuck in anything for any longer than you would otherwise be even if you were just renting. In fact, sometimes you can even get a shorter term because the seller really does want to sell as soon as possible.

The purchase price is agreed to at the beginning of the agreement so you know by the time you decide to purchase if it is really the house worth buying or not. Less mistakes are made if you could live in the house before committing to buy it. If you don't like it there, simply don't buy it.

Also, if you just don't have the good credit to buy at the moment but foresee that things could get better, this gives you the opportunity to improve your credit score and other circumstances while you are in the temporary mode of renting, but still able to buy the property you really want at the price you could live with.

And another advantage is that often, part of your monthly rent payment could go toward the purchase of the home. Can't beat that.

Perhaps one of the best benefits is that while you're renting, the home appreciates in value. You not only get to live in a house you know you're going to enjoy living in, you're also sure to get a good price because since you own the "option to purchase right", you basically have the right to buy the property, which now may have a high value, at the low price that you agreed to purchase at originally. In other words, you're getting a great deal now.

The Challenges

Are there any down sides to renting a lease-with-an-option-to-purchase property?

If you don't have any down payment at the moment, many sellers may be reluctant to let you rent simply because they're taking all the risk. They want you to feel inclined to purchase the property and if you've put nothing into it, you lose nothing if you just walk away from it.

Is there a solution to having little or no down payment?

Sometimes there can be. Or course, you want to ask Tamra Rieper for help here because she might be able to negotiate something in your behalf that this article is not extensive enough to cover. As an example, perhaps you could offer a larger monthly payment than what is being asked for so that the surplus can be applied toward the down payment.  Or perhaps the seller will credit you toward your down payment when it comes time to exercise your option to buy because you have done repairs to the property such as painting, landscaping, etc. You might be surprised what can be done to get you into one of these ideal rentals.

Look Into It

You certainly don't have anything to lose by looking into renting a property that has an option to buy term. Either start searching with the help of this FREE website or contact Tamra and have her get you a list of properties that have this offer. You might be surprised how many rentals there really are in  Surgarhouse, Salt Lake City, Utah.