Rent-to-Own: A Creative Way to Get Into a Million-Dollar Home
If you’re looking for a place to live, why not think big? Like, a million dollars big?
Rent-to-own million-dollar homes just might be your ticket to living in a nice house today, with the mortgage coming sometime down the road.
With rent-to-own homes, you can try the home on for size while holding the door open to purchase the home later. As you’re paying your regular monthly rent, you can also set aside extra funds that will go toward your eventual down payment. That gives you more time to work on your credit score and get ready to pay for a mortgage.
But, buying a million-dollar house comes with a jumbo mortgage, and you could be in big financial trouble if you bite off more than you can chew. Defaulting on your mortgage can tank your credit score, plus you could lose your house.
Why not test the waters and make sure you can afford the home by renting first? Although it’s not common, you can rent-to-own million-dollar homes. It’s a way to get yourself into a really nice home today — not, you know, five years from now. We’ve talked to a luxury home expert and run the numbers to show you just how people make rent-to-own work with costlier homes.
