If you’re looking for Baltimore houses for rent then you may want to consider your other options as a potential home owner in the Baltimore area.
Most locals who are looking for homes to rent in Baltimore are likely looking at renting as their only option because of things like bad credit or a lack of funds for a large down payment.
How Many Baltimore Area Renters Are Turning To Home Ownership By “Renting To Own”
If you haven’t heard of “renting to own” a home (some call it a “lease option”), you’re not alone. The “rent to own” concept isn’t new. In fact, renting to own has become really common for many things, including furniture, electronics, cars, and more and the rent to own concept for houses has been around for decades as well.
So What Is A “Rent To Own” Home?
Simply stated, a “rent to own” home is a home in which the owner of the house allows you to rent the house with an option at the end of the rental term to purchase the house at a price you and the owner agree upon ahead of time.
You’re not obligated to purchase the home but the seller is obligated to sell you the home at that predetermined price if you choose to purchase it at the end of the rental term.
So How Does A Rent To Own Program Help You Buy?
There are a few big benefits to Baltimore rent to own home programs like ours that can help many Baltimore area residents to become home owners.
If your credit is preventing you from getting a bank loan to buy a home, a rent to own program can give you the time and assistance to improve your credit during the rental term.
For many people the issue is the down payment. If you just don’t have the money to put down on the house you’d want to live in, you can find rent to own programs in your desired neighborhoods. These usually have much much lower move in fees and even sometimes guidance in helping you build up the down payment needed during the rental term in the rent to own agreement.
In the end, if you’re looking for Baltimore houses for rent you may want to explore our Baltimore Rent to Own Program to see if it’s right for you.
Renting to own isn’t for everyone but if it’s the best fit for you this could be your chance to get out of the “rental rat race” and into a home of your own that you actually eventually own.
For more information on our local Rent To Own Home (lease option) program submit the form on the top right of this page, or give us a call anytime at (443) 863-9808.