Profile picture for megan butler021

Is there any way to find rent-to-own condos in the City of Chicago?

  • April 15 - Lincoln Park
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Answers (5)

Profile picture for Newman Mitrick Group
Rent to own makes no sense- why lock in when you don't know what tomorrow brings?  If you need credit help them find a professional to clean it up while you save a down payment and then buy.
  • April 16
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Profile picture for megan butler021
Thank you all for your help!
  • April 16
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It would be pure luck to find any. The market has changed so no need to do that. Even when the market was at it's worst you still never saw any in Lincoln Park.
  • April 16
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Hi Megan,

I just wanted to add 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. 
 
Good luck!
  • April 16
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Profile picture for Matt Laricy
These are very rare in Chicago. You may want to pursue a standard rent. 
  • April 15
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