Looking for inputs on renting to own a house? Please share any info available.
2007-03-26 17:07:21 · 4 answers · asked by darkcloud5757 3 in Home & Garden ➔ Other - Home & Garden
Make it nice and legal, do it through a credit union or a bank. A 25-yr mortgage might as well be a rent-to-own!
2007-03-26 17:15:38 · answer #1 · answered by Christopher 3 · 0⤊ 0⤋
This could be a good idea. Renting the house first gives you an idea of the neighborhood and the potential problems with the house. You will know first hand what the house & neighborhood are really worth ! Many times, landlords would rather sell the house to the renter than have to clean it up & or update it and then pay commissions to the real estate broker. Just be sure that you have the terms of the rent to own in writing.... Real Estate law is written law i.e. contracts.
2007-03-27 00:25:10 · answer #2 · answered by twogreeneyz 2 · 0⤊ 0⤋
Just be careful. Make sure everything is in writing and spelled out.
Could you instead borrow some money from your family and just buy the house? Until you sign the papers and the house is in your name you can't take advantage of the tax breaks plus you can't benefit from any appreciation of the property. Try to buy, if you can.
2007-03-27 00:13:36 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
Be sure you have everything in writing and a lawyer looks it over or you could get the shaft at the end of the lease keep close track of dates and amounts!!
2007-03-27 00:18:54 · answer #4 · answered by GRACE W 1 · 0⤊ 0⤋