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What to Expect as a Tenant Buyer

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Being a tenant-buyer is different than being a renter. In a rent to own agreement, since you’re both a tenant and the future owner of the home, you’re expected take greater pride in the property and have greater responsibilities towards it, and you’re expected to uphold your duties as a good tenant as well.

While usually the utilities and large repairs are covered by the owner during the option period, you as the tenant-buyer are responsible for the maintenance and upkeep of your new home, just as you would be if you bought it outright.

As it is with a bank mortgage, you will be expected to make rental payments on time; if you don’t there can be consequences, such as forfeiting your option, and option fee down payment to purchase the home.

Being a tenant-buyer is sort of like a bridge between renting and homeownership. You have the obligations of being a good tenant, but you’re also held to a higher standard that you would be held to as the owner of the property.

Renting to own gives you the future opportunity of homeownership while grooming you for the responsibilities that come with it.