If you thought that homeownership was unattainable, then keep reading to learn about the lease-to-purchase program that we offer at IPS Amarillo. We believe that helping people get into a home is not only good for them, but also for our local economy. We offer quality homes in nice neighborhoods to help you see for yourself the benefits that come through owning a home. Continue reading today’s post to learn our top six tips for leasing a home, and contact IPS Amarillo today to browse our available listings.
1. Review the Lease
It’s important to make sure that you understand and agree with everything in your lease. Depending on whether you chose the lease-with-purchase option, you should see that your monthly payment amount is lowered accordingly. If you elect to purchase the home you’ve been leasing, and you chose the lease-with-purchase option, then you will see the credit applied to the purchase price at the time of closing.
2. Get Everything in Writing
While you and the owner likely have the best of intentions, it’s important to make sure that everything is in writing, as this will protect both of you from any unfortunate legal issues down the road. It’s easy to forget exactly what was offered or promised with the passage of time. A written document, however, will clearly and safely preserve all that was said and done.
3. Purchase Renter’s Insurance
While you are leasing your home, it’s important to make sure that you protect your possessions with renter’s insurance. This insurance will cover your personal belongings that are inside of the home in the event of a power surge, water damage, fire, vandalism, theft, and other events outside of your control. This insurance coverage will also protect in cases of negligence.
4. Inspect the Property
Inspecting the property is important so that you can see the current condition of the home and land before moving in. You can also take pictures at this time, which will help to protect you when you come to the end of your lease. If you choose not to purchase the home, the pictures will help you to show the condition the home was in prior to your move-in date. Check under the sinks for any leaks or water damage, check for active smoke detectors, and look for any obvious signs of damage so that these issues can be addressed prior to you taking over the lease.
5. Get to Know Your Neighbors
While meeting your neighbors may not seem like the most important tip, it’s good to remember that they can be a valuable source of information. If you are new to the area, they can recommend a good dentist, doctor, auto body shop, or a local restaurant. Additionally, you can come to rely on them to help keep an eye on your home should you need to leave on a trip. Your neighbors can also play a key role in helping you to feel that you have truly found a good neighborhood for your family.
6. Communicate Clearly
While you are in the lease-to-purchase stage of homeownership, it’s important to make sure that you quickly and clearly report all repair work that needs to be completed. At IPS Amarillo, we strive to make this as easy as possible through our repair page on our website. Simply fill out the form and submit your request, and we will work to address it as soon as possible.
Homeownership doesn’t have to be something that is far beyond your reach. With a wide range of lease-to-buy options, including new construction and established homes, IPS Amarillo offers affordable housing for our clients. Contact us today to learn more, and browse our available listings.