The process of buying a home can seem nearly impossible if you can't get a loan right away. But until you and your family are able to qualify for a home, you are likely paying far more in rent than it costs to be own and maintain a home.
The high costs of renting, lead some to consider rent-to-own homes to help build stability and save on your family's housing costs long-term. But once you're interested in rent-to-own in Milwaukee, how do you compare different opportunities? With many rent to own homes in Milwaukee, consider these 4 key questions..
1. What guidance is given to go from renter to owner?
One of the most common factors that can hold you back from buying a home is securing financing. Typically, when a person buys a home through a mortgage, the transaction will take place shortly after the offer has been accepted by the seller, which normally takes 30 to 45 days. However, not everyone who wants to buy a home for their family is able to get a loan right away.
This is where rent-to-own can help, if it's done right. Milwaukee rent to own agreements can help families get on a track to home ownership. However, just signing an agreement, putting some money down, and moving in doesn't mean you'll become a homeowner. Much of your success will depend on your plan, your support, and your commitment. When considering rent to own opportunities, you may want to ask yourself;
- What support will be in place for me to achieve home ownership soon?
- What are the credentials of the people helping me achieve homeownership?
- Have other families had success in achieving home ownership with the support of my team?
For example, Strong Blocks pairs each family with an independent financial counselor, Realtor, and bank expert to help create their Buying Plan to qualify for a mortgage loan. This helps Families become owners within the 21 month program timeline. This team assists and helps guide those who are tired of renting and have dreams of owning their own home.
2. Is the rent-to-own home part of a program or is it a stand alone deal?
Are you considering a rent to own deal on a house or a homeownership program that uses rent to own as your path to ownership? It may sound easy to put together a rent to own deal, but getting into the house isn't enough...you'll still need to close on your house to call it your home.
While there are many sellers out there willing to take your up-front cash investment to rent you a house with a slim chance of success towards ownership, there are very few rent to own programs throughout the country that work. If you live in a City-Owned home, the City of Milwaukee may be able to provide you with your home for $1 if you qualify for their rent-to-own program. Outside of these lucky families, most of Milwaukee has had to search for a rent to own deal and find a seller who is willing to commit to selling to you under a rent to own agreement.
But,
- How will you know that you have a good deal and how sure are you that the deal is what you believe the agreement says, especially if the seller is the only person who explains it?
- What are the monthly payments?
- What is the price of the home?
- How much up-front cash do you need and how much money is at risk (could you lose)?
- At the end of the day, do you have independent advice on on how to finish the deal and close?
The Strong Blocks way is to introduce families to a team of experts to help you get on (and stay on) the road to responsible and sustainable home ownership. This independent team helps you qualify for the rent to own program, find your rent to own home, develop the deal, and works with you throughout the 21-month program to achieve home ownership.
Stay tuned for Part 2 of this series to get answers to the following questions:
3. How Good of a Deal are You Really Getting?
4. What Happens if You Are Not Able to Close?
Are you ready to consider becoming a homeowner with Strong Blocks? Click here to get started by answering a few questions. For more information on our Rent-to-own program, contact our team with your questions.
Written by Mary Leach-Sumlin, Any House Realty
Mary Leach-Sumlin is the owner/Broker of Any House Realty, which she founded in 2017. Prior to launching her own real estate firm, Mary was a Realtor for ACTS Housing since 2007, and then the Managing Broker. She has an office located inside St. Martin de Porres Parish on 2nd and Burleigh. She holds the Accredited Buyer's Representative designation. She has helped more than 200 families achieve their homeownership dreams. You can email her at mary@anyhouserealty.com
