Rent-To-Own Programs

The Good the Bad and the Ugly

Moving into the new year may cause for exploration. We all know that so many things happen by Spring, that you may need alternative options when it comes to your new residence. Many buyers are not aware of the rent-to-own option or having the ability to handpick your home with the option to purchase at the end of your lease.

As your REALTOR, allow me to shed some light on these possibilities. There are some pros and cons to utilizing these programs, so the benefits will be specific to your situation.

Get with me for a consultation and I will be glad to go through the options with you if rent-to-own is on your radar. Let’s dive in!

What are rent-to-own programs?

Rent-to-own programs allow potential buyers additional opportunity to purchase when the scenario gets tight. Maybe you achieved new employment and you need to move ASAP but you don’t want to commit to a mortgage at such short notice. Maybe, you don’t have the money for a down payment right now and you need time to save up money or maybe you simply need a savings plan to work toward a down payment. The list goes on, but having the option to rent-to-own could save you time and money.

How do rent-to-own programs work?

I personally have experience with two programs and I will briefly summarize both. However, there’s so much to know when it comes to these programs, I recommend doing your due diligence and going on the websites yourself to do your homework.

Home Partners of America

First, I’ll start with Home Partners of America. Home Partners is NOT a rent-to-own program. Home Partners is a “rent with an option to purchase” program. -You would go through the home search process, just as you would if you were purchasing the home yourself.

The home you find must be within proper qualification based on Home Partners policy and then Home Partners would make an offer on the home. (HP must negotiate and win the offer)

You’d then lease the home from HP, pay a rent at market rate and at the end of the lease, you could buy the home, or terminate the lease, or extend the lease. However, your monthly rent payment does not go toward your future down payment if you choose to purchase at the end of your lease. It's simply your lease.

There are benefits to using HomePartners and I am glad to say I have helped several buyers using this program. But you must make sure it makes sense for YOUR situation. It may not be the best choice for everyone. Just remember to weigh out your options with your REALTOR.

Divvy Homes

Next, Divvy Homes. Divvy is a rent-to-own program where part of your monthly rental payment will go toward the down payment of the home at the end of the lease. Similar to Home Partners, you would go through the home search process, the same way a home buyer would. Search for the home, tour, and submit an offer up for negotiation.

The offer and negotiation process is also similar to a traditional transaction so be ready to experience competing offers and negotiating. The benefit here is that you don’t have to do too much work to put money away, because your down payment savings is built into your monthly rental payments. This is perfect for someone who needs help with a savings plan.

Long story short

The qualifications for these programs vary, so I recommend doing your due diligence and going on the site yourself to do your homework. But if you are interested in getting started with a REALTOR, and you want someone to do the work for you, professionally, book a free consultation with me.

What you get from me

Give me a call if you are ready to get started or even have the conversation of what it takes to buy a home in the future.

I will:

• Host a consultation of your needs

• Introduce you to the ins and outs of the programs

• Walk you completely through application process

• Home search - Open doors for you

• Strategically submit offers

• Negotiation - with sellers on behalf of the programs

• Make sure you get the keys to your new home!
  

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Why Should I Stage My Home?

Although we are still in a sellers market and homes are continuing to consistently sell, there are many ways that staging your home can improve your home selling experience and get you a better return on your investment.

Today, we’re going to talk about a few benefits of staging your home and I’m going to give you a few quick tips on how to do it with little to no money! Let’s get into it.

The first and most important reason you should consider staging your home (also a benefit) is to cater to the buyer's imagination. Your buyer will need to be able to see themselves, their family, their life in this house.

Painting the picture for them by taking the extra step and staging the home could make the difference between an offer and a dead lead. And I'll get to how we can paint that picture later.

The next benefit to staging your home is that it adds value. Think about it this way, studies show that sellers who staged their homes had increased offers submitted, their sales prices increased by 7% and their days on market decreased by 50%.

Essentially, you receive more offers, you spend less time on the market and you are likely to receive more than you ask for in sales price. Sounds like a no brainer really.

Last, staging your home will allow you to have better marketing for your property. Think about the photos potential buyers want to see. The photos that will get them in the door and also expose the integrity of the home.

It’s the small things that count. So on that note, let’s get into the tips you can use to stage your home and get it ready for the market. – and by the way, I don’t mean hire a professional stager and fill a house with all new furniture. I mean, things you can do on your own, right now.

Here’s are some things you can do to stage your home to sell:

• This is going to sound funny, but clean up. Sweep the floors, put your clothes away, get your pets toys out of the floor. Believe it or not, I have had a client who was so displeased with the uncleanliness of a home, he ultimately passed on the home for that reason alone. Don’t miss out on future opportunities for the same reason.

• Take down excessive pictures of your family, just until the process is over. Hear me out. When potential buyers see too much of you, in the home, it makes it impossible for them to see themselves and their lives in the home. So yes, paint the picture for them, but with a blank canvas.

• Open up all of your windows. Let some of the natural light shine into the home and bring in that fresh new energy.

• Clear off all surfaces, keeping little to nothing on the counters and tables, tend to have a more sleek and clean look. Less is more in this case.

• Buy a few things if your budget permits it, and add a little razzle dazzle to the home. Nothing too extravagant, maybe a few tall plants, a vase with roses, some new pillows for your sofa, new shower curtains, etc. Think about the small things you purchase when you move into your new place, and replace those things.

I hope this helps. Again, the paid section is definitely optional but depending on your situation; if you are a person who needs to move yesterday, maybe you need to make the extra effort and for a certain price point, I would probably do more than add shower curtains, but gage it all out. Consult with your professional REALTOR and come up with a plan that makes sense for you and your home.

If you are selling your home and you don’t know where to start, click the link below to schedule a consultation and have a conversation with me about how to take the first steps. Talk to you soon.

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Is Now The Right Time to Buy

Is now the time to buy a home? In this market? With these interest rates? At the current rate of inflation? I know it all sounds crazy, we’re living in a new time where we are experiencing loads of transitions.

So, here’s my thoughts on it. First, before I say anything; I do advise you to seek counsel from your professional realtor and lender for guidance, but here’s my opinion.

So, should you buy a home now?

The answer is, it all depends. The truth is that buyers spend all year playing the waiting game, religiously chasing the market season after season. Waiting on prices to go down in the beginning of the year then hoping the interest rates will stabilize by August. It’s really a rat race.

Our new reality is this; our new interest rates are up, 6-8%, (at the time of this writing) we’re still in a sellers market and I don't foresee those rates going down any time soon. So again, my advice is to buy a home if you are financially able to.

I know this sounds scary but, there’s still good news. Values are still on the rise, (in GA) therefore, if you purchase strategically, you can acquire a great appreciating home that you can later sell for a profit or leave to your heirs. Also, there’s less competition in today's market for the average sales price. Affordability is decreasing which is horrible for the majority, but for the financially able, this could be your opportunity to get your dream home or bid on a great investment.

With that being said, I would approach the buying process the way I typically would– with absolute strategy. Just because there may be less competition doesn’t mean you can’t get beat out of a deal. Right now the average days-on-market in my area is 13 days, so be aware.

In a nutshell, the right time to purchase a home is simply when you can. It’s all about your personal situation and your needs. Do you have the income, good standing FICO, cash reserves, time, resources?

If you are not sure about some of those things, it may be time to speak to an expert and get professional consultation. If you are interested in having that conversation to look at your bigger picture and see if now is your time. My preferred lenders and I will get you ready to face this market. Just click the link to get started.

I am looking forward to earning your business.

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