2007-03-01 08:39:46 · 5 answers · asked by Alla S 2 in Business & Finance ➔ Renting & Real Estate
Rent to own is for people with no credit, or bad credit, who can't buy something on credit.
Avoid this like a virus if you can. High interest rates make it a very bad investment.
2007-03-01 08:47:01 · answer #1 · answered by brad_left_jenn_for_me 2 · 0⤊ 0⤋
On a home, the rent to option works as a clause in your rent contract that allows you to purchase the home after so much time has passed. The money that you have spent on rent will be applied to the price of the home, as if you had put a down payment on it. This can be an option to ownership for someone with bad credit, and no savings. The problem is that the rent is usually higher than similar places, and you cannot negotiate the price of the home with the seller, they get exactly what they want for it.
2007-03-01 10:13:12 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
You rent a house(or anything) while you work on getting the down payment paid. You pay your rent plus some more for the down payment.
2007-03-01 08:45:23 · answer #3 · answered by elaeblue 7 · 0⤊ 0⤋
rent to own means that you keep paying on what ever it is that you want being a house or trailer or what ever kind of property you want until you pay it off and its yours that is if you want to keep it for yourself.
2007-03-01 08:50:17 · answer #4 · answered by minnie mouse 1 · 0⤊ 0⤋
What are the disadvantages of "Rent to Own" and advantages?
2016-09-05 09:20:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋