We are renting now, should we do a rent to own? Or is it better to do a mortgage. The thing is we might be moving out of the state in four years.
2006-09-17 14:03:36 · 8 answers · asked by erin r 2 in Business & Finance ➔ Renting & Real Estate
I own my own condo the pluses no yard maintenance or trash pick-up to pay. Depending on your State your property tax is different I had to pay 433. my first year (4mons.) I filed homestead exemptions now my tax are 145. a year (homestead exempt you should see if your state offers no matter where you buy). Con about rent to own they can charge more than a finance co. Pro rates are low if you have good credit another pro home owners ins. is cheap its like renters covers inside (your belonging) condo asso. is responsible for any outside damage......I also plan on moving in a couple more years I am lucky that where I am it is growing I can only pray my property goes up or the whole place sells
Hope this helps.
Also when I have rent to own some people can be asses with a condo pay your fee and your ok
2006-09-17 14:23:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-07-19 04:31:26 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The disadvantage of renting to own is that prices may go down so when you actually do own, the house won't be worth what you pay for it. And in the meantime you don't get the tax benefit. The only way you can win is if prices go up and nobody is expecting that. If you qualify for a mortgage now and like the house, go for it. Either way anything is better than renting (unless you pay very little for rent).
2006-09-17 14:08:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Even if you own your land you still pay rent. However it is in the form of property taxes. Yes the government makes you pay rent on land you "own." You still at least get something for your rmoney when you buy a house as opposed to paying rent which is throwing your money away. How about this. If you can find a pretty good deal on a home, go ahead and buy one. That way if you move you can sell it without losing your ***. If you overpay for a home, it's going to hurt you when you try to move. Patiently look and try to bring the prices down to something acceptable to you, otherwise continue to rent.
2006-09-17 14:10:35 · answer #4 · answered by JonFugeEverybody! 2 · 0⤊ 0⤋
The pro's of a rent-to-own: part of your rent goes towards the purchase, and you can "lock in" at today's price which may be lower than when you actually are ready to buy.
The con's: if you don't buy, the premium that's been added to your rent to go towards purchase gets forfeited, and since you're usually paying fair market rent PLUS a bit of money, it's really wasted money.
If you're considering leaving the state, I would recommend either renting or buying now but not rent-to-own. If you do a straight rental there's no purchase premium to be lost and if you buy, you can sell when you're ready to leave.
2006-09-17 16:24:59 · answer #5 · answered by dcgirl 7 · 1⤊ 0⤋
renting is like throwing away money and you have nothing to show for it afterwards, but when you have a mortgage you not only help build your credit but have a house that is all your own. Even though you are moving you could always sell your house, and possibly make a profit. most times you only need to be 20% vested to sell a house and not lose out.
2006-09-17 14:13:05 · answer #6 · answered by KCH 3 · 0⤊ 1⤋
well, we like renting cuz we don't have to pay property taxes...we can move at any time if we want/need to, if something breaks, we just call the landlord...BUT..our tax guys yells at us every year saying we need to buy something. Maybe he'd like to give us a down-payment?! LOL It's too expensive to buy anything in southern Calif but we love living here.,
2006-09-17 14:06:53 · answer #7 · answered by lil_angel64 4 · 0⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?fiSZ
2016-07-11 22:54:44 · answer #8 · answered by ? 3 · 0⤊ 0⤋