Husband and I are looking for a new home. I have found quite a few houses listed as "rent to own" I'd like to someday own a home so I'm wondering if this is a good plan. Input?
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APACHEmeansENEMY
ANSWERS: 3
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The problem in renting a house to own is that if you're not prepared to buy, it could be sold out from under you. Check the lease and good luck. Everyone should have the opportunity to own their own home.
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I find it to be the best plan. But only if you have truly found the home you want to live in the rest of your life.
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Well, with a lot of rent-to-own furniture and appliance type places, you pay far far far more than you should by the time the item is actually yours, and you get no warrantee. That said, I know my mom sold a house to my aunt like that-- the expectation was that it would eventually belong to my aunt, but until she had paid it off, she couldn't have cats or smoke inside or whatever. I imagine this looks nice to lenders right now because, hey, the housing market sucks and people aren't taking out loans, but I'd really have a lawyer who knows his/her stuff go over any contract, to make sure there's not hidden fees that would normally be, like, closing costs or broker's fees or interest.
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