RENT TO OWN...how does it work?

Question

me and my sis want to move into a house and rent to own because we are young and dont have like enuff money for a downpayment how does this work and noo dont tell me to like ask my parents

Answer 1

when you rent to own the owner still got to cover your his moragate he only applying your rent payment toward the actual price of the house in other words your helping him or her to pay off the morgate of the house

Answer 2

2

Answer 3

The company owns the things, and you rent them; just like renting an apartment; except that eventually you wind up owning the items.

NOTE: It is usually cheaper to buy things on "time payments" from a store that has this option, like Sears.

I used Rentals (not rent to own) when I was only going to be in the area a short time, and didn't want to haul or sell a lot of stuff when I moved.

Answer 4

You will draw up a legal document either by you the landlord or the lawyer. You will agree on a amount to pay so much will be rent and so much will go for the purchase of the home. I did it and was very happy with the out come of it. You can go though different realestate companys that will help you look for other options for buying a home as well. Good luck,

Answer 5

They like charge you 3 times the price of what you could have bought it for at Wal Mart or Target in the form of expensive monthly payments.

Consider going to thrift stores with cash.

Maybe have a housewarming party with the idea of people bringing you little gifts to help out.

It costs a lot of money to move out. I wouldn't do it without at least $2k in the bank, if not more like 5k

Answer 6

You are aware, you need to be at least 21 to get into a legally binding contract (such as rent to own) correct? Regardless, proceed with caution... You are often over-charged when you get into these optional agreements.