5 Benefits of rent-to-own | Zion REI

April 18, 2022

5 Benefits of using "Rent to Own" to sell your house in Grand Rapids

Rent to own agreement could be the fastest method to sell your West Michigan home. While it's not the most common route, it offers several benefits that make it a better fit for some (but not many) homeowners.

There are two basic types of rent to own agreements:

  1. Option to buy
  2. Agreement to buy


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Option to Buy: 


This type of rent-to-own agreement gives the tenant the right, but not the obligation to purchase the property at a set price within a specified period of time. If the tenant decides not to purchase the home, they simply walk away from the option and owe nothing. 

Agreement to Buy:


This type of rent-to-own agreement is more binding, requiring the tenant to purchase the property at a set price within a specified period of time. If the tenant fails to purchase the home, they may be sued for breach of contract. 

There are five main benefits to using one of the methods above. Ready to hear more? Read on to see the benefits of using a rent-to-own agreement to sell your Grand Rapids home.

While rent-to-own agreements offer some great benefits, they're not right for everyone. If you're interested in learning more about rent-to-own options, or if you think it might be the right fit for you, contact us today!

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