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Thread: Renting to own?

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    #1

    Renting to own?

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    Okay so we have like 8 months before we move BUT I'M SO EXCITED so I'm looking into everything already. We'd definitely like to go with a house instead of an apartment with the dogs, but I'm not sure what the best route would be. DH will be in school for ~8 years, so when we move to where we're going we'll be there for a long time.

    Since we'll be there for so long, I was considering just buying a home. But TBH I don't even know how to begin that process. Then there's the rent to own option, but idk if that's worth it or how that works. Then of course we could just rent.



    Sooooooo idk anything about anything Any advice would be super!
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    #2
    Honestly, with it being 8 years I would buy. I've been scared away from the whole renting to own thing because of how the people who used to live across from my parents got burned. They put so much money into renovating that house while they were renting to own and the owner screwed them over and kicked them out. I don't really know anything more specific about it. Renting to just rent I feel like would be just throwing your money away. IMO, buying would be your best option.

    But and on getting to move! Where are you moving to?

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    #3
    majority of the time "rent to own" is either a scam or ends up costing WAY more than just buying flat out in the long run.... both my parents are real estate agents and i recently asked them about this too and they said no way no how don't do it.
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    #4
    Rent to own is suuuuuch a scam. DH previously worked with a super weasel-y guy who had several homes he did the 'rent to own' thing on. He never actually sold the homes and every couple of years found a reason to evict people who then lost whatever money was collected by him as 'rent'.

    He told us this story, laughing, at a BBQ. Gross.
    Never do anything halfway unless you want to be half happy.

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    #5
    I wouldn't buy a house outright once you mover there, gI've it some time. In 8 years a lot of things change and you're going to have different needs then compared to the needs you have now.

    Congrats on the move, perhaps telling where to might help? As some members will have a better idea on if it's worth it to buy in the surrounding area or not.
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    #6
    Renting to own is such a joke. A similar method is to do a contract for deed, which has some more protections than renting to own. However, your safest bet is to do the traditional mortgage.
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    #7
    Buy, don't rent to own as PP have said it's a scam. The first step in buying is getting a pre-approval done and it wouldn't hurt to go ahead and try to get the pre-approval now because if you need to clean things up on your credit it's helpful to have some time.


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    #8
    I work in real estate (but I'm a graphic designer, confusing I know). PLEASE don't rent to own. There is no good reason to go that route unless you are truly unfit for a mortgage, in which you should just continue renting until credit or finances improve. In my office, there is never a fee for using a broker if you are on the buying side so do yourself a favor and call up an office that you trust and try to find a broker you click with. It may not be the first one, but many out there have their client's best interest at heart. Again, no fee for you so there is no risk if you don't like the broker or decide home ownership isn't right for you. Their job is to walk you through this process so let them help you!

    Edit: Also ask what the rental market in your new location is like. Understand that even though you will be there for ~8 years, you could have trouble or reasons you don't want to sell. Can you rent it out to break even? I live in an extremely tight rental market so DB and I plan on having our first home become a rental when we want to move or upgrade.
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    #9
    Oh shit, I had no idea. Glad I asked!!! Our credit is good, I think? I mean we pay off our car payment every month and that's the only payment we make on anything (aside from normal apartment rent and everything) so I think the only thing against us would be maybe not having enough credit? But idk. We'll be in a college town in TX. If i need to get more specific I will be but it's not a major city like Houston or Austin
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    #10
    Totally buy in a college town! If you can get one within a few miles of campus you will be able to rent it out sooo easy if that is something you are interested in doing.
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