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Rent to Own Condos in Chicago

A condo is a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned. Chicago ranks third in the nation in condos that are expected to be completed this year, with 8,533 more units.

Condos are usually located in the well established, proven neighborhoods of Chicago. There are many different condo communities in the Chicago area – Yates Estates Private Condominium Homes, Logan Station, Lakefront Place, South Champlain Condominiums, River East Center, and Library Tower, to name a few. The price differs depending on the size of the condo and the community where it is located, but the average usually about $120,000 – $730,000.

Renting to own a condo in Chicago is a type of deal where the renters eventually turn into legitimate homeowners. Basically, such rent-to-own arrangements help people who might otherwise be unable to purchase a home. They are organized by renters or arranged under the auspices of larger programs.

The fact is that such rent to own condo deals are not very popular in Chicago, because the real estate market is really hot and it is not very likely for developers to have unsold properties. Another reason is that people with jobs and good credit ratings don’t need rent-to-own options, due to the low interest rates and low mortgages currently available. And last but not least, the individuals who are most likely to be interested in them are not given the chance, because of their bad credit.

A rent to own requires no bank qualifying. The only requirements are for you to have the ability to cover your monthly lease payments and have the potential home purchasing ability. Sometimes credit issues can be corrected, so having bad credit should not stop you. Rent to own is ideal for people that work from home, self-employed or single parents who are recently divorced. The great about it is that if the value of the home increases during the period of repayment, you won’t pay more as the price if fixed the day you move in. The down payment required is minimal and you can occupy your new home just a few days after signing the rent to own home agreement.

Rent to own works in the following way. The renters get to occupy the house they want for a set period, usually 12 to 24 months in exchange for monthly rent payments. A portion of their monthly rent goes toward an eventual down payment on the property.

The renter has the option not to buy the property. In addition to the rental charges, the customer will also likely have to pay sales tax, delivery charges and possibly return charges if he or she elects not to keep the merchandise. Late payments may also incur a late fee, provided that the rental company doesn’t elect to terminate the agreement and take the merchandise back altogether. In that case, the customer has nothing to show for the money invested.

There are a lot of benefits for the landlord. He gets the monthly payments regularly because tenants are highly motivated to pay their rents, which sometimes are above going market levels.

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