There are a number of different benefits that you will be able to enjoy when you do a rent to own contract. There are benefits for the renter who is looking to purchase their own home and some benefits for a homeowner who may want to get rid of their home property but find that the market just doesn’t allow them to do it. But there are also some drawbacks that you need to consider as well. It is important to know the drawbacks of both sides to help you be prepared before entering into this contract. Some of the drawbacks that come with a rent to own agreement include:

# After purchase property taxes: You will need to take on the proper taxes before you get any eligibility for the tax breaks, which can make it more expensive overall if you are not careful.

# Maintenance responsibilities: You will be the one responsible for maintenance when you do a rent to own agreement. Then, if you do not complete the purchase, all of that will go to the homeowner and you are out that money, with no good recourse along thew ay.

# Losing home value: Depending on how the market is doing in your area, it is possible that you could lose some value in the home before you are able to purchase it, meaning hat you will not have the equity that you would like.

# Penalties if you break the contract: Depending on the contract that you set up, it is possible that you will have some financial penalties to worry about if you break the contract.

# Option fee is non-refundable: You will lose all of the option fee if you do not purchase the home at the end of your rental agreement.

# Higher interest rates: In some cases, you may not have the choice of a low interest rate on the contracts you choose, which can make it more expensive.

Choosing the right location for any apartment you choose to go with will make a big difference. A good location can help you feel safer and like you are moving into an area that is perfect for you. That is why you should try out some of our Riley Road apartments and see if they are the right choice for you. With the perfect location and plenty of great amenities along the way, our units will give you exactly what you are looking for when it is time to make a big move. Come and take a tour and see if these are the right units for you!