The Better Than Rent Program was established for anyone unable to come up with the
option consideration payment for the Rent To Own. The amount of money needed to get
into the Better Than Rent Program is just first month’s rent, last month’s rent,
and a security deposit.
The Better Than Rent Program offers you a rent credit, which is a certain percentage
or dollar amount of the monthly rent to be applied to the option consideration payment
of a Rent To Own. In return for this rent credit, you must pay your rent on time
and upkeep the property. Now your rent money is not completely lost, you are having
a portion of your rent applied to the option consideration payment to help you enroll
in the rent to own later.
Don't forget that your option consideration payment for the rent to own home is applied
to the purchase price as well. By accruing rent credits, you are buying the price
of the house down. If you were renting, all your rent money is lost forever. Additionally,
since you are planning to buy the home, you can make changes to the property while
you are renting.
One of the biggest advantages of enrolling in the Better Than Rent Program is the
fact that you can live in the home you want right now, even if you can't or don't
want to buy it right away. You don't have to go rent a house or an apartment first
while you work on your credit, and then buy a home later. By renting first, although
you have time to fix your credit, home prices are going up and you lose time.
The advantage you have by doing the Better Than Rent Program and moving in right
away vs renting first, is that you typically get a rent credit. If you rent, that
money is lost forever. You don't get a tax break on it, it does not get saved and
it does not apply to the price. This kind of 'save while you rent' strategy is only
available with our Rent To Own homes.
This is a simple theoretical example of how Better Than Rent Program can work for
Let’s say the base rent is $700/month. And you decide to pay $800/mo. The difference
between $800 - $700 is a $100. That $100/mo is your Rent Credit. If you pay on
time, that accumulates to $1,200/year.
Bonus: If you pay on time and upkeep the property, we will match your Rent Credit.
That means you double your money!
In the example above, you will have accumulated $1,200 your first year in the Better
Than Rent Program. We will double that amount and you will now have earned $2,400
in just one year. Now, you can either take this money and go elsewhere or you can
have that money applied to enrolling you into the Rent To Own Program.