There are two ways to lease to own homes in Pennsylvania. You can either rent to own or lease option the property. The main difference between the two is that with a lease option, you do not make any down payment while with rent to own you will have to pay a certain amount of money upfront.
Rent To Own Homes
In this kind of agreement, you will be required to pay monthly rent and also an additional amount as a deposit which will be used as a down payment later on when you buy the house. This extra amount can be anywhere between $500 and $5,000 depending on the value of the house. When you buy the house, all these deposits are added up together and used as your down payment.
Lease Option
With this type of agreement, you will have to pay monthly rent but no additional deposit or down payment is required at first. However, if you wish to buy the property then you will need to pay a certain percentage of its total cost upfront before signing on any papers. After you have made the down payment, you will need to pay rent until the date when your lease expires. Once this date arrives, you will be able to own the property outright.
Where To Find Rent To Own Homes In Pennsylvania?
If you are looking to find rent to own homes in PA, then you should begin by searching online. There are many websites where you can find listings of properties that are available for rent to own agreements. Some of these sites even offer search filters so that you can narrow down your results by price range, neighborhood and other factors.