How can owning a rental property give you the financial freedom you dream of?
Financial Freedom Through Owing a Rental Property
The rent or home owner’s debate typically revolves around money, with the buy camp winning more often than not. It's hardly surprising that, even after the housing crash, most people still aspire to own a home. But will it make them happy? Granted, it's a tough thing to measure. Other variables shove their way into the mix. Nevertheless, social scientists do take a pretty good stab at the question. Happiness matters. We don't mean bubbly happy, but adaptable, resilient, content, optimistic powerful determinants for long-term health and success. Rent, also known as hiring, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rent amount and the landlord pays for all property charges regularly incurred by the ownership. The some reason why people want to rent a house either to own a house, because of financial inadequacy, such as rent a house when one is unable to buy it. One may not wish to pay the full price that ownership would need, allowing for smaller payments over a specified period of time. Some people rent for their work because their house is far from their work; some are rent for their own use, like for party, for overnight and many more. For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease: Renters pay a certain amount each month to live in the house and at the end of a set period generally within three years they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home. Both renters and sellers need to be very clear about the contract they draw up before they agree to this arrangement. Renting-to-own have advantages and disadvantages for both parties. Sellers who have already bought a new house will have relief from paying two mortgages at once, and in a slow housing market with many homes for sale, this may be their best option. Buyers who can't yet afford a house may be able to get one more quickly.