Profile picture for jamesryder879

I would like to rent to own a home.

Three bedroom 2-1/2 bath, garage.
In the Philadelphia' Pa. area
 
  • March 18 - University City
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Answers (2)

Profile picture for wetdawgs
A very rare option in the current market.   These are some realities of rent to own:

Plan on a significant down payment (some owners are asking 30%, although it may be as little as 5%).

Plan on monthly payments being higher than fair market rent, only the difference goes towards own.

Plan on your selection of properties being almost none.

Plan on losing all your money (and moving) if you can't qualify for a mortgage at the agreed time and price. 
  • March 18
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Hi,

I just wanted to express my opinion about rent to own homes. Rent to own usually favors the owner. First of all, there are few homes even listed as rent to owns, so your selection is limited. Also you will be expected to pay over and above the usual rent. Remember all that money will be forfeited if you do not buy the home for any reason (if you can't buy at the end of the lease term because let's say you can't qualify for a mortgage, etc. you lose all of that money!) I would say you should rent while you're working on raising your credit score/saving up for a down payment and then buy when you are ready...

Either way, good luck!
  • March 18
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