The news regarding homeownership isn’t exactly comforting these days. Foreclosures are up and home values are down, way down. Fortunately, there is a way for you to test out whether homeownership is right for you, hence rent to own houses in Bonbon, Cebu City.

Under a rent to own agreement in Bonbon, Cebu City, you agree to rent out a house as if you were renting an apartment. You’ll sign a lease, usually for one year. At the end of the lease, you can either renew your lease, leave the property, or make an offer to buy the house. Along the way, your landlord will withhold an agreed-upon portion of your rent check to use as a down payment should you decide to buy the home in Cebu City.

Rent to own houses in Cebu City look more attractive today thanks to the problems of the residential real estate market. Buying a house in today’s economic climate is a risky proposition; no one is sure yet if housing prices have reached their bottom or if they still have a long way to fall. No one wants to buy a house worth Php 1.5M today only to find out that it’s worth Php 900,000 six months from now.

 

Unemployment Uncertainty

Then there’s the uncertainty in the labor market. The national unemployment rate has shown little indication that it will fall below the 9.5-percent mark any time soon. This has made potential homebuyers in Bonbon, Cebu City justifiably nervous. It’s understandable that you might not want to take on the commitment of a monthly mortgage loan payment when you’re not sure if you’ll still have your steady job next week, next month, or next year. Those thousand-dollar-plus payments aren’t easy to make when you’re out of work.

The nation’s high unemployment rate is one of the biggest factors in its equally high foreclosure rate. RealtyTrac, a foreclosure-information Web site, reported that 2.8 million properties in the United States received foreclosure filings in 2009, an all-time record.

Home Affordable Modification Program

These very bleak reasons are why the federal government created its Home Affordable Modification Program. Under this program, mortgage lenders and banks receive financial incentives to lower the monthly mortgage payments of homeowners struggling to pay their home loans. The government designed the program to stem the tide of foreclosures. Unfortunately, it hasn’t worked; the government’s goal was to help 3 to 4 million homeowners avoid losing their homes. The program, though, hasn’t come even close to this figure.

You don’t want to become a future housing-foreclosure statistic. Yet, you do want the benefits of a home in Bonbon Cebu City, including elbow room, privacy, and your own outdoor space. Thanks to rent to own houses, you can get this.

 

Rent to Own a Trial Run

Consider signing a rent to own agreement in Bonbon, Cebu City as a trial run for homeownership. When you work out such an arrangement, you learn what it takes and how much it can cost to keep up a home. But you also retain the flexibility of renting. If you discover that you don’t like living in a home, you can simply walk away from your lease when renewal time rolls around.

Be careful, though, subsequent to selecting a rent to own house in Cebu City. You’ll be staying at this location, more than likely, for at least a year. You desire to make clear that the rent to own houses that you announce have the amenities that you want: You might infatuation one located close a fine public assistant professor or within walking isolate of local parks in Bonbon, Cebu City. You might desire a big backyard, or maybe you desire a smaller yard that’s easier to maintain. You might habit at least three bathrooms depending upon the size of your family.

When you’re shopping for rent to own houses, it pays to be choosy. You’re deciding whether the moving picture of a homeowner is right for you. You craving all the suggestion you can get.

 

Article Source: Rent to Own Houses: The Proving Ground for New Homeowners