| Many sellers in today's world are offering rent to buy | | | | housing schemes. But this can prove as a potential risk |
| housing schemes. New ways are developing day by | | | | because house prices might go down in the future. |
| day to sell as many homes as possible. These kinds of | | | | Home ownership is good but it comes with a load of |
| schemes work like hire and purchase schemes. The | | | | responsibilities too. House is a shelter which provides a |
| seller allows the tenant to move in their dream homes | | | | place to hide the individual from the outside world. It is |
| and the tenant starts paying the rent for the same | | | | not an investment at all. If a person misses the |
| home in which he want to live. So the tenant gets his | | | | mortgage payment then they are in a condition to lose |
| dream home by the use of rent to buy housing | | | | the house. However, if the finances are good then this |
| schemes. The scheme is like try before you want to | | | | situation can be averted. The time when all the |
| buy a certain home. It gives an idea of the house and | | | | instalments are paid then the real cost of the house |
| the ambience it provides. | | | | becomes half that of the original cost. Renting is not |
| It is like an agreement of lease and the individual has to | | | | like wasting the money but it is like investing the money |
| fulfil all the necessary rules and regulations. The buying | | | | in a good manner. A renter does not pay interest to |
| time can vary from three months to ten years. The | | | | the concerned bank and in return the interest is paid to |
| price of the property is fixed when the agreement is | | | | the owner of the house. |
| signed and when that money is paid then the house | | | | Thus, the rent to buy housing scheme becomes an |
| will be handed over to the tenant. The whole scenario | | | | important factor if the concern is to try a house before |
| depends on the market. If the house price rises then it | | | | buying it. It provides full ease of access before going |
| can become difficult to pay that price and everything | | | | to buy a house and also provides a prototype for a |
| depends on sheer luck. Most the times the prices of | | | | real ownership experience! The rent to buy housing |
| the house are steady and constant but sometimes | | | | technique is not for a long term use and the day will |
| they can vary according to many different scenarios. | | | | come when the full payment has to be paid and the |
| Many people look at the houses as an investment | | | | house will be given to the tenant. The tenant will |
| scheme. They buy the houses through the rent to buy | | | | become the landlord after all the formalities. |