Buying a home is one of the biggest financial commitments that you can make. Therefore, it makes sense to "try out" a potential home for a period of time before making such an important decision. The ability to "try before you buy" is one of the main benefits of buying a rental property. Buying a rental property, among other things, gives you the chance to get a feel for a home before buying. This, in turn, can help you avoid making the mistake of committing to buying a home you're not sure you will be comfortable in.
Here is some general information about renting a home before owning it:
1. The amount of time that you can rent your potential home for can vary. You can "try out" your potential home for as short a period as a week, or as long as a year (and sometimes even longer).
2. If you later decide to buy the home, your rental payments will generally be deducted from the overall cost of the home.
3. Before you decide to "try out" a home, you and the seller will work out the cost of your rent, and the cost to buy the home. Even if there are major fluctuations in the housing market, the cost of the home stays the same for the course of the rental term.
With that established, here are some of the potential benefits of buying a rental property:
1. Some people looking for a home may not have the income and/or the credit history to buy a home right away. Buying a rental property helps to solve many of the problems that can stem from those issues. Renting a home gives the potential buyer time to save money and build a good credit history. It also gives the buyer the chance to live in a home they wouldn't necessarily be able to afford if it were not available to rent.
2. Generally speaking, renters have the option to opt out of the rental agreement if they find something wrong with the house. While the potential buyer would still lose money if they opted out of the agreement between rent payments and an upfront option fee, this amount is much less than the amount the buyer would lose if they bought the house outright and wanted to walk away from it.
3. And as mentioned earlier, renting before buying is a great chance to "try out" a potential home. No matter how nice a home looks on paper, you can only determine how comfortable it will be for you after spending time in it. Renting before buying allows you the chance to experience living in a home and find out about any potential small issues that may make you uncomfortable- such as faulty air-conditioning or a loud neighborhood- before you make a huge financial commitment.
This is not to say that renting before buying doesn't have any disadvantages. For example, of the owner of the home fails to pay the original mortgage on the home while you are renting, the home may be foreclosed on and you may be forced to move. But that established, buying a rental property is a great way to try out a home and to avoid making a mistake by buying a home outright before you are financially capable, or before you get a good บ้าน มือสอง "feel" for a home.
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