Deciding how much house you can afford is one of the most important decisions a tenant or tenant-buyer will have to make. This decision will help to determine a number of factors include the size and location of the potential house as well as the types of amenities offered. Those who are interested in renting-to-own a house will have to consider all of their current expenses in comparison to their monthly cash flow. They will also have to determine whether or not there are changes they can make to their current budget to make a larger or better situated house affordable to rent to own.

1.) Are Your Expenses Organized?

When deciding how much house you can afford, you should carefully consider all of their monthly expenses in relation to their monthly income. Expenses may include, but are not limited to, utilities such as gas, water and electric, telephone, cell phone, Internet services, cable television, car insurance, and tenant insurance, gas for car, cost of commuting to work, groceries and other incidental charges. Subtracting these costs from your monthly income will give you a good idea of how much money you can afford to spend on rent each month.  You might also consider subtracting an additional amount out of your monthly income to give yourself the opportunity to save some money each month for your retirement.

Expenses to be considered should also include expenses for entertainment purposes such as dining in restaurants, going to movie theatres or cultural events. Even movie rentals should be considered in this category. Considering these expenses is necessary because otherwise you may not allot a portion of your budget for such purposes and may find that you are unable to participate in some previously enjoyed leisure activities.  Also, by doing this, it will help you get qualified to rent to own your next home. 

2.) Is There Room for Improvement?

When examining your monthly budget, you should take the opportunity to determine whether or not there is room for improvement in your current financial situation. For example a you may find you are able to minimize their monthly bills by obtaining your car insurance and tenant insurance from the same insurance carrier. The carrier may be willing to offer a discount to a customer who utilizes their services for more than one type of insurance. Likewise there may be the opportunity to minimize expenses by bundling services such as telephone, Internet and possibly even cable television.

Also, consider entertainment expenses as an opportunity for financial improvement. If you currently eat out in restaurants for dinner on both Friday and Saturday of every week, you could consider limiting these dining experiences to only one night a week or even only one night every other week. This can result in a significant cost savings which may enable you to afford a more expensive house.  Also, all of this extra money could go into your down payment fund, if you don’t already have one.  Try to save up 3-4% based on any house value, so that you will have a good chance of approval for the rent to own program.  If you have this, it shows stability & commitment, and it will increase your chance of approval for the rent to own program.

Other areas where you can sometimes cut expenses are on cell phone bills and cable television bills. Examine your cell phone bill carefully. If you are not using all of your minutes each month, it might be worthwhile to switch to a plan with fewer minutes. This would lower your monthly bill without causing you to make any sacrifices. One area where sacrificing might contribute to more monthly cash flow is with cable television.  Tenants who pay higher fees for premium channels can consider eliminating these channels. All of these small changes to monthly spending can contribute to you being able to afford a more expensive house which may be larger or in a better location than the simple apartment you would be able to afford without making changes.

3.) Is There a Need for Improvement?

Although trimming superfluous expenses is always a good financial strategy, you should determine if this is necessary in terms of your rental situation before making drastic changes. Once you have established the amount of money that you can afford to spend in rent, you can start to consider available houses in your price range.  If you are happy with the house choices available to you at this time, there may not be a need to make financial adjustments at this time.  However, if you are not happy with the options available, financial changes and stricter budgeting are warranted.

 How to Rent to Own your next home?

The first step is to request an initial consultation to find out if you qualify. Then, the next step is to complete the online application after the consultation. This will start your qualifying process & you can now be called for showings. Before you know it, you will be renting to own your next home.

Rent to Own your next home. Call the 24hr recorded message system or register on our website & watch the video [ http://www.do-rent2own.ca ] to find out more about the program & how it can help you. In 60-90 seconds I will tell you everything you need to know. PLUS – FREE – How to fix your credit e-book included!  This program helps!

To learn more about selling your house, click to call us now:

Should You Rent A House, An Apartment or Rent to Own a house?

Deciding whether to rent an apartment or a house can be a very difficult decision for some renters. There are certain advantages and disadvantages to each option. The renter should carefully consider these points when making his/her decision. Whether or not an apartment rental or a home rental is ideal for a particular renter will largely depend on his/her personal preference as well as his/her current needs in a living situation. For some renting an apartment is perfect while others find a home rental meets their needs best. This blog post will examine the advantages and disadvantages of each situation to help readers make a more informed decision regarding the type of rental situation which may be beneficial to them.  We will also discuss the benefits of renting to own a house.

The Advantages and Disadvantages of Renting a House

There are many advantages to renting a house as opposed to an apartment. One of the primary advantages is this situation affords renters who would normally be unable to afford to purchase a house the opportunity to live in a house for a much more affordable price. Another advantage to renting a house is it may offer the renter many more options. Apartments are usually pretty standard in terms of size, number of bedrooms and number of bathrooms.  Renters who have specific needs, such as five bathrooms and three bedrooms, may have a difficult time finding an apartment with these specifications, but may find rental homes or rent-to-own homes which offer these options.

Location is often another advantage associated with renting or renting-to-own a house.  Apartments are usually situated in more commercial areas while houses available for rent & rent-to-own can usually be found in more residential areas. Many renters favour this situation because it makes their rental property feel more secluded. Many house rentals also include a backyard which is desirable for renters with children or pets.

One of the major disadvantages to renting a house, is there may not be a great deal of certainty regarding the amount of time the renter will be allowed to rent the house. While a contract may protect the rights of the renter for a certain period of time, there are no guarantees the homeowner will extend the contract beyond the existing terms. This means as the contract is due to expire; the renter may be given notice that the house would not be available for rent in the future. Conversely, this situation is rare in apartments and most renters are confident there will be the opportunity to renew their lease each time it expires.  Alternatively, within a rent-to-own lease, you are the only one who has the option to buy the house.  The leases are typically longer just in case you need to repair any credit problems before you buy the house & you can have the pride of home ownership.

The Benefits of Renting to Own a House

If you decide to rent a house, you should rent-to-own it.  You can rent the house & over the lease term have a portion of your rent (usually $100-$400/month) go towards purchasing the house.  Renting-to-own a home has its advantages, not to mention the fact that your wealth could dramatically increase as the house that you are renting-to-own increases in value due to the housing market.  (Remember, only you are buying this house)  Renting to own a house will let you pay down your mortgage, not your landlord’s mortgage.  The best part is that you don’t have to worry about qualifying for a mortgage until later.  Just start renting.

The Advantages and Disadvantages of Renting an Apartment

Perhaps one of the most significant advantages of renting an apartment is the amenities which are often available when renting an apartment in an apartment complex as opposed to renting a home or even renting an apartment in a private home. Amenities such as pools, hot tubs, exercise rooms, saunas, meeting rooms and theatres are just a few of the amenities often offered when renting an apartment.

Affordability is another advantage to renting an apartment. Rent for an apartment is usually significantly lower than rent for a house. Although the apartment may be significantly smaller than the house, many renters find they are only able to afford these options.

A lack of privacy may be one of the most significant disadvantages to renting an apartment. Apartments are usually situated fairly closely together and most apartments usually share a common wall with one of their neighbours. Renters may find their neighbours end up knowing a great deal more about them than they had intended simply because the living situation makes it difficult to keep one’s life private.

Having to contend with noisy neighbours is another downfall to renting an apartment. As previously, mentioned apartments often share a common wall with a neighbour. As a result renters may run the risk of having noisy neighbours who listen to loud music or have boisterous friends visiting late at night.

If You Decide to Rent to Own a Home, then read below.

The first step is to request an initial consultation to find out if you qualify. Then, the next step is to complete the online application after the consultation. This will start your qualifying process & you can now be called for showings. Before you know it, you will be renting to own your next home.

Rent to Own your next home. Call the 24hr recorded message system or register on our website & watch the video [ http://www.do-rent2own.ca ] to find out more about the program & how it can help you. In 60-90 seconds I will tell you everything you need to know. PLUS – FREE – How to fix your credit e-book included! This program helps!

To learn more about how to sell your house, call us now and dial extension 2!

Credit problems plague people across the globe. These problems can lead to many other problems not limited to difficulty purchasing vehicles, getting jobs, opening checking accounts, and purchasing or renting a home. For those who are experiencing credit problems hope seems like a long lost commodity when it comes to the very American dream of owning a home of one’s own.

The good news is that there is a company called Do Rent2Own that is willing to take the risk on those who have had credit problems but are attempting to get their lives back in order. Getting into trouble with credit takes a while from which to recover. For many the process is long and filled with pitfalls and missteps along the way. For those that are living the nightmare of poor credit there are times in which the situation must seem hopeless.

There is more than one way that a rent to own house can work. The most common however, is that there is a specified amount of time typically 1-5 years in which those that are leasing the property can live in the property with a portion of the monthly lease being applied towards a down payment for the property once they are able to get traditional financing. If a 10-20 percent down payment is achieved during that time the odds of them being approved for a loan are greatly improved. If they (being the tenants or lessees) combine this opportunity with serious efforts to improve their credit scores then there should be no problem achieving this.

Do Rent2Own does two things for all of their clients. First, they will suggest you sit down in front of a mortgage broker to determine what is required to get qualified for a traditional loan at a bank. This is optional, but encouraged. Even though, you are not required to qualify now for a mortgage from a bank, it is both ethical & knowledgeable to know what it will take to have you buy your next house. After all, the goal is to have you buy a house, not just rent it. Do Rent2Own works with all of their clients to improve their credit enough to qualify for the mortgage.

The next thing that Do Rent2Own will do is allow you, (you being the tenant or lessee) to move in with less than perfect credit, with a lower than average down payment & have some of your rent be applied to your down payment (rent credits).   Then, down the road you will eventually apply & qualify for your own mortgage.  The main goal is achieved, you own your own home.  It sounds very nice, and often hard to believe, but as long as you stick to your original plan, then you will be on the road to owning a nice home for your family, or just for yourself.  It’s called pride of home ownership!

The first step is to request an initial consultation to find out if you qualify. Then, the next step is to complete the online application after the consultation. This will start your qualifying process & you can now be called for showings.  Before you know it, you will be renting to own your next home.

Rent to Own your next home. Call the 24hr recorded message system or register on our website & watch the video [ http://www.do-rent2own.ca ] to find out more about the program & how it can help you. In 60-90 seconds I will tell you everything you need to know. PLUS – FREE – How to fix your credit e-book included! This program helps!

To learn more about how to sell your house, call us now and dial extension 2!