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Canada’s Aging Baby Boomers: Planning Health Insurance for the Future
The first of Canada’s aging baby boomers are poised to turn 65, and with this milestone birthday comes a variety of new health care concerns. In response to these changing medical needs, the Canadian health care system is preparing to handle some 10...
Customer Retention with a Personal Touch
Personal contact with customers is a crucial element in the success of any new business – and it’s one of the most common casualties of growth. As a company grows, the president tends to fade away into his or her office. That can lead to loss of...
Goalsetting - How to Easily Set and Get Your Goals
Which of the following changes to your life do you want to make to your life this year?
To have a slim and trim body?
Find a stimulating job
Take up a sport or hobby
Buy your dream home
Travel to an exotic destination...
How to IMMEDIATELY increase customers orders by at least 30%
PUBLISHING GUIDELINES: Copyright (C) Godfrey Heron Publication Rules: You have permission to publish this article electronically or in print, free of charge. If published please e-mail godfrey@advanced-webtechniques.com . Word Count:664 Word wrapped...
Moving Key Audiences to Take Action?
You know, those really important outside groups of people whose behaviors can help or hinder any business, non-profit or association manager in achieving his or her objectives? Are you persuading those key stakeholders – especially those whose...
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Lease Options: Why buy when you can rent!
A lease option agreement gives you the right to take possession of a property and then buy it later on. This is an alternative financing arrangement because you take possession of a home but you don’t actually own the home. The seller, in this case the homeowner, has an obligation to sell the property to you at a predetermined date, but you are not obligated to buy.
Who would benefit from a lease option? A lease option is a great deal if you’re a renter but you don’t want to live in an apartment, looking to buy a home but need some time to clean up your credit or you want to buy a home but need time to come up with a sufficient down payment.
You can earn rental income One you sign your lease option agreement and take possession of the home, you can also rent it out or sublease it to another tenant and make a profit off the rental income. In this case, you would have to charge a rental rate far above the rate you are paying to the legal homeowner to make a profit.
If you decide to got the rental route, be aware that you are in fact becoming a landlord. Do a quick search online or check with the local housing authorities in your city to find out your rights and obligations, and also how to structure your rental agreements before you start looking for prospective renters.
Low Down Payments The down payment required to enter a lease option agreement is usually less
than, but not greater than the amount required on any other type of rental property in your market. That means that you can take possession of a home for as little as one month’s deposit.
Try before you buy If you’re undecided about a certain property, or the neighborhood, a lease option is the perfect way to try before you buy. You can structure a deal for one year, two years or even five years. Move in, pay your monthly rent and see how the property feels.
Purchase it at the end of your lease agreement or walk away and move on to something else. In either case, you can live in a beautiful home and get a lot more space than you could find in an apartment.
Build Rent Credit Most lease option agreements include a generous rental credit towards you down payment. For example, if you are paying $1000 per month in rent, the owner might be willing to credit $300 or $400 per month towards your down payment.
If you had a traditional rental agreement after $1,000 per month in rent, you have $0 in credit and would still need to get a sizeable down payment when you are ready to buy a home.
Where can I find lease option deals? You can do quick search on any major search engine or check your local rental listings.
About the Author
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com Syd Johnson Editor
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