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DC Renters: Why Rent to Own?
Thinking about buying? Some DC area landlords give you a "Rent-to-Own" option! Here's why this can be a great way to go:
- Live in your condo, townhome, or house first to see if you wish to buy it.
- A large portion of the rent will go toward the purchase price.
- The sales price of your apartment cannot increase for two years.
- A part of your rent can be applied toward your down payment.
- Purchase is optional: you don't need to decide right away!
- Best rent credit if you decide within one year to buy (see sample chart below).
| Tenant Buys Within | Amount Going Toward Purchase Price |
|---|---|
| One year | 50% of total rent goes to purchase |
| A year and a half | 30% of total rent goes to purchase |
| Two years | 20% of total rent goes to purchase |
Not every landlord agrees to "rent-to-own", so tell us at our first meeting if you are considering this option. Our state-of-the-art database highlights Rent-to-Own opportunities in DC, Virginia, and Maryland. We'll guide you every step of the way!
