Lite Housing
Lite Housing
Rent-to-own: Home Ownership Lite
We may be seeing a significant increase of rent (or lease)-to-owns these days due to the current foreclosure crisis in America. A rent to own property can give those who may otherwise not be able to obtain a mortgage, a chance at owning their own property. As with any financial undertaking, renting to own requires some critical thinking on the part of the buyer. Rent to own is also known as a lease option sale.
The principle behind renting to own in real estate is that the tenant rents with the option to buy. Thus, most rent (or lease)-to-own tenants end up with both a rental lease and a purchase agreement. This ensures that both the owner and the buyer are very clear on what their rights and responsibilities are in terms of both renting and purchasing a property.
The tenant pays the owner what is known as an "option fee" or "option money", which can be any amount. This is the first sticking-point. Unlike a down payment that you can get back with the sale of a house, option money does not generally go towards the purchase price and is seldom refundable if you decide you don't want to or can't buy the home. Your option money ensures that no one else can buy the home while the "option period" lasts. If you do not choose to buy the home by the time the option period ends, in most cases, the seller is then under no obligation to sell it to you, return your option fee or what is known as a "rent premium".
The rent premium is the money paid above and beyond the rent price and, if you choose to buy, goes towards the purchase price, thus increasing your equity while you rent. This also provides additional incentive for both parties to stick with the plan. The buyer views the house as something other than just a rented domicile, and the seller can retain the extra money in the case of a default on rent or decision not to buy from the buyer. The buyer is not obligated to buy the property; a decision not to buy only means that the extra money spent is lost, but your credit is not affected.
Rent to own sounds like an easy compromise between renting and taking on the financial responsibility to own and for some people, that's just what it is. There are people who have made this solution work for them while rebuilding credit and retaining a home they like.
However, renting to own is also more expensive than obtaining a conventional mortgage. With a conventional mortgage, all of your money goes towards paying both principle and the interest on the loan. A rent to own means that only a very small percentage of your money goes towards the purchase price of the house. Also, the option money (which can be quite substantial) doesn't go towards paying the mortgage; it goes into the owner's pocket.
A real estate lawyer is your best bet when considering the rent to own property. It is also important to get everything done on the property that you would do for a standard house purchase, such as a home inspection, appraisal, and any other inspections that are recommended.
Sometimes the longest path is the shortest way to get what you want. Many people with bad credit have been able to achieve a decent credit score by paying off all outstanding debt, paying current bills on time, and avoiding incurring new credit debt. The time it takes to satisfy your creditors and rebuild your credit is also time you could be using to save up for a bigger downpayment on a conventional mortgage. Sometimes, the time spent on rebuilding credit for a standard mortgage will add up to much less time and money in the long run, as more of your money will be going into the house purchase instead of just the right to purchase within a given point.
About the Author
Philadelphia Real Estate Guide: Find Washington Square West real estate and homes for sale. Easy-to-use search and neighborhood info from Todd Levinson, Philly Buyer's Agent.
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Samsung Tocco Lite a tiny-winy wonder machine
The Samsung Tocco Lite meets the expectations of the users with panache, owing to its out of the box features and really small size. Needless to say, it is blessed with drop-dead gorgeous looks. Weighing merely 93.5 grams and measuring 104 x 53 x 11.9 mm, it easily fits into the pocket and is quite easy to carry. It sports a TFT resistive touchscreen. With a resolution of 240x400 pixels and the capacity to display up to 256K colors in its kitty, the screen delivers a splendid view.
Apart from the usual features, the Samsung Tocco Lite is known for the bunch of add-ons that it brings along. This explains the presence of an accelerometer sensor, along with handwriting recognition. On top of that, it houses a unique feature, smart unlock, that scores high on utility. Organizer and a Document viewer are also an integral part of this amazingly useful package. Shazam Find Music service adds onto the zing.
The Samsung Tocco lite is a photographer's delight as it comes equipped with an amazing 3.15 mega pixel camera that is known to deliver a superb performance. It boasts of a high resolution and works at 2048x1536 pixels. Smile detection is one of the features that enhance its potential. The best part about this camera is the fact that it allows the users to record videos as well, apart from capturing photographs. As a matter of fact, the videos are quite clear in nature, provided the fact that they are recorded at the rate of 15fps.
Dearth of space is the last issue that the users of this fantastic gizmo would ever encounter as it comes fully loaded with storage options. The presence of a separate phone book, perfectly illustrates this point. Besides, simply to add onto the convenience of the users, call records are also maintained. In terms of solid space, the individuals have with them an internal memory of 50MB, which can be made use of to store media files and documents. However, if the users wish to increase the memory size, that is possible as well, up to an extent of 16GB. For this purpose, a micro SD card slot has been provided.
With a plethora of connectivity options to boast of, the Samsung Tocco Lite scores high on this front. It supports Class 12 EDGE, along with Class 12 GPRS. To cater to the data transfer requirements, it provides the users with v2.0 USB and v2.1 Blue tooth with A2DP. To connect to the internet, the users can make use of the WAP 2.0 browser, that supports xHTML, along with HTML. On the other hand, those who wish to connect to others, can exercise any of the options, out of MMS, e-mail and SMS.
This mobile phone has a lot in store for those who seek nothing but entertainment. First and foremost, it has on board, an uber-cool music player. With this player, the users can listen to their favorite music, owing to the superb sound output that this gizmo delivers and the fact that it supports several file formats, including MP3, AAC and WMA. The video player that this handset is blessed with, stands second only in the list, not in terms of the quality. Stereo FM radio with RDS and down loadable games are an extension to this entertainment package. The best part is that the Samsung Tocco Lite is equipped with a long-lasting Li-Ion 1000 mAh battery that allows the individuals to play music for a really long duration.
About the Author
Raina Kelsey provides articles with full description of Samsung Mobile Phone and Samsung Mobiles .