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Thoughts on rent to own?

Hi, I've heard of rent to own. How does rent to own work? Is it still an option? How would I find a rent to own property?
Asked By Draymond | Aurora, IL | 266 views | Renting | 1 year ago
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Pro
123 Answers
Chris Yochum

Dickson Realty

(19)

Its rare that I see rent to own opportunities. They can help you get into your own home, though usually not a great deal. Sometimes you have a larger rental payment, which some of the payment can go towards the principle, often you will pay more for the home than its worth. You will negotiate a price up front and the market value may go up or down by the time you end up purchasing. You structure a purchase up front and then ultimately lease the property still terms allow for the closing of the purchase. Not usually recommended, though in some rare cases it can make sense. Talk with an experience agent that knows how to structure for you.
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47 Answers
Lynne Pruell

Realty 100 LLC

(16)

When deciding if owning is better than renting will depend on your financial situation. Owning a real estate property involves upfront investment which will include but not limited to, down payment, insurance, closing costs, property tax and the maitenance and upkeep of the property. Rent generally will requirements - good credit score, stable work history, 1st month payment, 1 month security deposit, if applicable pet deposit which is generally non refundable and monthly rental payments vs a mortgage payment. Renting does not give you tax write off as to owning. Depending on where you live, rental prices have gone up substantially over the last few years.

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