i am thinking about renting a home to own and i need to know some about it
2006-11-18 10:49:46 · 5 answers · asked by rei_20571 1 in Home & Garden ➔ Other - Home & Garden
I wouldn't do it. I might be wrong, but to make this work for both parties the rent would have to be equal to the cost of the house... otherwise you are paying too much, or to little of your payment is going toward rent and not ownership. If you want to check how the deal shakes out, try to determine the value of the house then go to the bank and see what your mortgage payments would be. Try to balance what you would pay to "rent-to-own" versus to "own". Don't forget to factor in bills and insurance, and any hassle factor from the landlord. A realtor might be helpful.
If you are serious about buying a home, just do that.
2006-11-18 11:04:45 · answer #1 · answered by buckj04 2 · 0⤊ 0⤋
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2016-07-19 17:02:26 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you rent to own a house make sure that the contract you sign is recorded at the county court house if not and the current owners go bankrupt you could be fourced out by a court app. rep. also you need to state in the contract who is responsible for paying realestate taxes and how much they are. then you need to have renters insurance for your belongings, most land owners carry insurance for the building only not for the tenants property inside, so its a good idea to find all that info out before you sign any contract. You also need to do a title search on the property to see if the current seller has any loans against the place or owe any financing to banks because the banks need to be notified in case any thing goes wrong with the morgage such as you pay the owner but they dont pay the bank that becomes a big problam for you if the bank forcloses. If you find this all out it can be a very good oppurtunity for you or a real bad experience so protect yourself first.
2006-11-18 14:13:48 · answer #3 · answered by investor 1 · 0⤊ 0⤋
find a good realtor who will help you otherwise you will be in a mess that is why these people go to school and get a license so they can make sales of all kinds including rent to own dont play around with this and that go directly to the horses mouth thid is a big investment so why go to amateurs to steal your money?
2006-11-18 10:55:37 · answer #4 · answered by vanessa 6 · 0⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?WSQk
2016-07-13 03:19:20 · answer #5 · answered by Teddy 3 · 0⤊ 0⤋