Has anyone looked into this? I've been hearing that because of the housing slump, some people are willing to do this.
I found one near my apt - it's a 2 BR condo. Only $1475 a month rent to own! I emailed them, hope I get a reply.
Sounds too good to be true. Let me know if anyone has done this or has a friend who did this.
GinaBambina08
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Re: NWR: Rent to Own homes, anyone?
what exactly is rent to own?
xXxNovember08xXx
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Re: NWR: Rent to Own homes, anyone?
Posted by WinterBride08
what exactly is rent to own?
i think u rent for a while with a great intention to buy it.
AllyDrew1108
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Re: NWR: Rent to Own homes, anyone?
Yeah, you rent it - like lease the house or condo and the payments go towards the purchase. I guess think of it like a leased car that you can buy. This way you haven't thrown money away. Today it hit me that we've already blown over $40K on rent in this apartment. My total rent since I left Mom's house has been over $60K. How depressing!
CNC4eva3402
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I would love to be able to find something like that!!
dancinmyazoff
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Wow that is really a great idea....and a great way to keep young couples on LI.
mrspalomino148
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I heard its actually not good to do, because you end up paying wayyy more then you would if you just bought outright. Because obviously there not going to charge you just the montly rent there going to make a profit off it. Just be careful!
jgl
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Re: NWR: Rent to Own homes, anyone?
Posted by futuremrspalomino
I heard its actually not good to do, because you end up paying wayyy more then you would if you just bought outright. Because obviously there not going to charge you just the montly rent there going to make a profit off it. Just be careful!
that makes a lot of sense. I can def see how you would end up paying more money, they would def want to make a profit every month
kfox715
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Re: NWR: Rent to Own homes, anyone?
I think it is a certain percentage of the rent each month goes towards a down payment. But you have to agree on a sales price for the house at the time you sign the lease. SO that could be a good thing or it could be a bad thing.
But it is definately worth looking into.
I hope it works out for you! Good luck!
missK
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Im not sure how that works but I know its better to own. Its so hard to get that downpayment though. My friends did a 100% no downpayment loan for their house when they bought it. It worked for them since they didnt have the full amount needed for the DP. Maybe try looking into that if you want to buy
hannahshim
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hmmm I've never heard of that... sounds cool though~
AllyDrew1108
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I would love one of those no down payment loan things, I just feel like they don't really exists or are like a million percent interest :(
Posted by missK
Im not sure how that works but I know its better to own. Its so hard to get that downpayment though. My friends did a 100% no downpayment loan for their house when they bought it. It worked for them since they didnt have the full amount needed for the DP. Maybe try looking into that if you want to buy
