Thinking about doing a rent to own with this house.
By kris182_2000
@kris182_2000 (5444)
Canada
May 19, 2011 8:36pm CST
I know that it would be expensive, but we were hoping to do a rent to own with the house we're renting.
We're thinking it would be an extra $400/month going towards the ownership of it, and we hope to be able to start this in the next couple of years.
We love this house, I've never lived in a place like this, and I really like it here. It's quiet and peaceful.
What I would do first is upgrade the furnace. An energy efficient one would be best for us, it's expensive otherwise.
I would also try to renovate the kitchen, make it bigger so we could make better use of it.
If and when we have the money for this, we'll do it.
3 people like this
7 responses
@louievill (28851)
• Philippines
20 May 11
hi friend, I'm very happy that you will be renting to own a house that you really love in a peaceful community that you are really at home with, nothing more fulfilling than having a house of your own, you can custom fit it to suit your needs plus the thought you would be owning every bit of improvement you do to the house
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There are a few things though that have to be taken into consideration,allow me to share what little bit I know, study the contract that both of you would be entering and if possible consult your lawyer, learn as much as possible about the history of the house, if you have been living there for more than a year, then you might already be familiar with conditions when it rains or snows (some people in my country had bought property not knowing it was sitting on a fault line). If you have to pay $ 400 more, raise your estimates a little bit to give allowance to whatever expenses might pop up. It would be nice to renovate the house but see to it that you become comfortable first in paying the monthly amortization so as not to fight on two financial fronts at the same time, if you are already comfortable then start improving one at a time. Try to negotiate some more to lower the price, and don't show the owner that you want the property so much before entering into a final contract, good luck my friend on your decision.
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There are a few things though that have to be taken into consideration,allow me to share what little bit I know, study the contract that both of you would be entering and if possible consult your lawyer, learn as much as possible about the history of the house, if you have been living there for more than a year, then you might already be familiar with conditions when it rains or snows (some people in my country had bought property not knowing it was sitting on a fault line). If you have to pay $ 400 more, raise your estimates a little bit to give allowance to whatever expenses might pop up. It would be nice to renovate the house but see to it that you become comfortable first in paying the monthly amortization so as not to fight on two financial fronts at the same time, if you are already comfortable then start improving one at a time. Try to negotiate some more to lower the price, and don't show the owner that you want the property so much before entering into a final contract, good luck my friend on your decision.
@sender621 (14894)
• United States
20 May 11
Renting to own is still renting without the feeling that you are just throwing your money away. youre working to the goal of the home being yours oe day. It might to take a long time t realize the dream but it can be worth it in the end.
@hardworkinggurl (37063)
• United States
20 May 11
A friend did the same thing and although the monthly mortgage is way higher then if she would have outright mortgaged it, it was the only way because her credit was not good. I can tell you she and her husband spruced it up so nicely and have been enjoying the rent to own deal for 7 years.
If you can handle the increase and you already live in it, then I think it would be great. Good luck with it too.
@chuyins123 (2112)
• Philippines
20 May 11
It would be a wiser spending if you do the rent to own such a place. If you really enjoy staying in such house, then go for it.
I could sense from what you wrote that you already have plans to make the place even better so might as well get the ownership of that.
Was your arrangement with the owner open for such? That you can rent to own that place? Yeah it would be a lot extra dollar for you, but it's a capital asset and from the looks of it. It's a necessary investment.
Believe that you'd have what it takes. Go for it! Yes you can!
God bless you! Have a happy life! :)
@GardenGerty (158310)
• United States
20 May 11
Well, I sure hope this works out for you. You certainly would know all the pitfalls of the house. since you are living in it already.
