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anyone have experience with rent with option to buy?
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DC HJJ M
Member since 8/07 3732 total posts
Name:
Crystal
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anyone have experience with rent with option to buy?
I am not in the position to buy a home right now but need to find a bigger place for my expanding family. I would love to know that even a portion of my rent is being invested or going towards a down pmt. Is this how it works? Has anyone does this before?
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Posted 10/11/10 2:07 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
AngnShaun
Sisters
Member since 1/10 21015 total posts
Name:
Ang
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Re: anyone have experience with rent with option to buy?
I believe that the rent you pay... goes towards the price of the house... so if you paid 17k in rent over the year that would come off the price of the house...
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| Posted 10/11/10 2:10 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: anyone have experience with rent with option to buy?
We have been researching this option as well.
From what I read a portion/premium amount of your rent goes towards your downpayment and they are still going to require some money upfront...security, first/last months rent about $5000 - $7000.
I also read they usually have lease terms for 2-3 years and if you decide to not purchase the house you lose all your money anyway.
I would also love some more information! Or any comments on what I have found in my research.
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| Posted 10/11/10 6:02 PM |
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Re: anyone have experience with rent with option to buy?
The terms need to be negotiated before you sign the lease. You also have to find a landlord/seller that is interested in those arrangements. Sometimes a listing on MLS will offer "rent with option to buy". You should either have an attorney or at least a buyer's agent working for you. Good Luck!
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| Posted 10/11/10 7:24 PM |
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wants-2-b-a-mommy
LIF Adolescent
Member since 6/10 593 total posts
Name:
cant tell ya yet!
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Re: anyone have experience with rent with option to buy?
a portion of our rent is going towards the house if we choose to buy it. it is in our contract.
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| Posted 10/12/10 11:42 AM |
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