Rent to own your own home.  978-248-9898

What is rent-to-own?

A rent-to-own program involves two parts: A “Lease” and an “Option to Purchase”. Under an “Option to Purchase” you are not required to buy the home during the lease term. But rather, if you are able to get a mortgage and go ahead with a purchase you may do so under the terms of the option. By the way, I assume you are considering a rent-to-own program because you can’t qualify for a mortgage today. The reason for most people is poor credit. So it makes no sense for me to require a credit check. I am concerned, of course, that you have staple employment and income. I don’t want to have to worry about you not paying the rent or not being able to take care of the home. So I may ask you for a copy of a recent pay stub or a copy of your W2 from last year.

What are the terms of the option?

I require a non-refundable cash down payment that is applied to the purchase price at the time that you exercise your option and close on the home. If you vacate the home without buying it you forfeit the down payment. The amount varies with each situation as does the purchase price you would pay me when you exercise your option and close. The option purchase price will vary depending on my cost to purchase it, repairs/improvements I’ve made and the market value of comparable homes. The purchase price will be fixed during the term of the lease/option and clearly stated in the documents.

The term of the lease/option can vary from two to three years. It depends on how long you need in order to be able to qualify for a mortgage and exercise your option and close on the home. If you need more time, we can extend the lease for another one to two years. However, it may require an increase in the monthly rent and an increase in the purchase price.

I also require a monthly rent payment of course, none of which is applied toward the purchase price. This rent payment covers the cost of my mortgage and a return on my investment in the home. It also will vary depending on what my mortgage amount is and the cost of my investment in the home.

You will be required to put in your name and pay for all utilities, including electric, oil, gas, telephone and cable. You will also be required to reimburse me for water, sewer and trash removal as additional rent with the next months rent after my submitting a copy of the bill to you. These normally are billed quarterly.

You are also required to maintain the home in at least the same or better condition as you found it when you moved in. You are required to handle all maintenance and repairs, including the heating and air conditioning system, plumbing, electrical, roof, exterior, etc. I will provide you with a home inspection report prior to signing a lease that will show you the condition of the home. You will be required to accept the condition as noted on the inspection report.

You may make minor improvements to the home at your own expense during the term of the lease when you would like to without my approval. These would include such things as painting, refinishing of floors or new floor coverings. If however, you intend to take out walls or renovate the kitchen or bath for example, you will need my express written approval, which won’t be unreasonably withheld.

Ready to continue?

If you want to rent-to-own a home of your own, you have come to the right place. Below are the homes that we currently have available. If no homes are showing please let me know that you are interested in enrolling in my rent-to-own program by submitting the “APPLY NOW” form. There is no cost to you to register with me. I will then try to find and buy a home that I can turn around and do a rent-to-own deal with you.

Sample Home

Sample Home


The next step is to submit the “APPLY NOW” form to me if you are interested in any specific home shown above. Or, if no homes are showing except Sample Homes then submit the “APPLY NOW” form to me to let me know your parameters so that I can find a home to buy that I can rent-to-own to you.