What are the pros and cons of renting-to-own, or leasing-to-buy, a home?
349676
Renting to Own (RTO) can be a great way to get into the home of your dreams especially if you have challenged credit.  If you know you can fix or boost your credit withing the time of the lease (say 2 years), then get in now and refinance into your name when your credit is better.\n\nIf you can lock in the purchase price for the full term, even better, especially if the market moves up.  This isn't always the case, but if available, good for you.\n\nDrawbacks:  If you are late on a payment you may lose your entire deposit and any credit towards the purchase price that you may have accumulated.\n\nAlso if you decide not to buy at the end of the term, you lose your deposits and credits as well.
554469
1.How to properly finance a mortgage, downpayments etc without going in over your head.\n\n2. How to buy an income property: the pros and cons\n\n3. the "Art of the Deal": how to negotiate\n\n4. Contracts: who does the agent really work for?
91765
Whether you should rent or buy really depends on a lot of factors.  If you only need a place to live for a short term, you should rent.  If you want a place to build equity over the long term, buy.  However, if you buy now, don’t expect to see the massive increases in property values we’ve seen over the past few years.  The housing market is cooling some, so prices are leveling off.   That in mind, the housing market has historically performed very well as an investment.  I wish you all the luck in your venture.
516506
It's not a bad thing in every situation.\n\nBut, you will probably be paying above the market value for the house.  It's similar to buying a car from a place like JD Byrider.  They know that if you could qualify on your own, you wouldn't be coming to them, so they charge you more, in most cases.\n\nIf you cannot qualify for a mortgage on your own and chose to go this route, get everything in writing.  Make sure you hold up your end of the contract.  Make your rent payments by check and make sure you have access to the cancelled checks.  You will probably need them when trying to get financed on your own later.\n\nRent to own or land contract purchases are not always a bad thing.  The owner may be anxious to sell the property and may be having a hard time finding interested buyers who are able to qualify for a mortgage.  So, they offer a land contract deal to sell the property quicker, so they can get on with their lives.  This happens quite a bit in the area I live/work.
451183
A condo is great if you are a busy and do not have time for maintaining a home. You are buying Air Space. There are common areas and monthly Home Owner Association Dues. Usually your water,garbage, and sewer are included. The Association usually takes care of building insurance you only need renters insurance. It might even have a pool or tennis courts and a club house. Town homes are a little different you have your own entrance and usually there is still a HOA but it is yours. Some include snow removal and lawn care and landscaping. If you want your own back yard then you want a home.  But you do everything your self. There are Patio or Coach homes that are single family but maintenance free meaning they do all the snow and lawn. Same but different.
838934
For me, the reasons to buy a condo include location and access to the things I want and need (grocery, banks, work, shopping), low maintenance (no yard care) and a sense of community through the amenities such as fitness center, swimming pools, tennis courts, and clubhouse.  The negatives to buying a condo is that I don't think they appreciate as quickly in value as single family homes do.  One reason for this might be the fact that at any given time, there may be units just like yours on the market, so there is more competition to keep the price lower.  If I were looking at buying a condo, I would pay careful attention to how the common areas are kept, whether you receive parking or a garage with your unit, what the HOA fees will be each month, whether any extra HOA assessments are coming due, and the ratio of owners to renters in your development.    Good luck!!!
806007
It is not cheaper. But it is designed for those who have bad credit or for some reason cannot be approved for regular financing. So those who for whatever circumstances cannot get approved for a "normal" loan, this is the option that allows them to start buying a place they otherwise would have to rent.
364240
Owning a house is the best from an investment standpoint. Condos are pretty good too although the market is different. They don't increase in value as much, you have to pay an extra monthly fee but you don't have to worry about taking care of the outside. Renting is money out the window but you may want to consider it first so that you can really take your time and look over the housing market in the area you will be going.
138462
Lots to consider, what is the appreciation in the community that you are living? What does it look like for the next five years? With home ownership your interest is a deduction from your ordinary income? What is your present rent? Over 5 years.?\n\nWhat are present market value of the sold homes?\n\nGenerally home ownership is the way to go.\n\nGood Luck
611528
Leasing is long term, and has a contract.  Renting is short term, and sometimes has a contract, and sometimes don't.\nOtherwise there is no real difference
235717
Usually a portion of the rent goes into a fund for a down payment with the hopes of having enough to get a mortgage at a later date if you're talking about a house.\n\nBut be careful as some of the "rent to own" houses are scams for houses that just can't be sold for one reason or another.
800581
many different things on a rent to own..and that is in the contract.\none that is a favorite..is the landlord charges you rent and say $100 over that which accumulates toward a payment..\nnow you can add that the $100 is refundable..then you have saved money as well.. and a choice later to stay or take that money and go elsewhere.
379847
Depends on where you live and what houses cost in that area, and what sort of house you'd be willing to get. I think buying a house is a good idea if you can afford it. It can be cheaper than renting if you buy the right one. I don't care how cool your parents are, the sooner you have your own place the sooner you can live life your way. I'd recommend looking for a "fixer-upper" house that you can fix up yourself. It can be fun!
419203
We qualify people all the time with the old home "retained as a rental."  You can use market rent for your area to offset the mortgage on the existing home to keep your ratios down.  You are running the risk that you will end up responsible for two mortgage payments if you can't sell your current home quickly enough.  In my area, that's not a problem because the market is hot (that's why no seller will accept a buyer's offer if it's contingent on selling the current residence... there are so many buyers out there that they don't have to.)
371448
The best way to go about is starting with single family homes or duplexs.  You'll get a taste of being a landlord.  With apartments it can be tricky.  Also, think about liquidity.  Apartment buildings are much more difficult to sell.  \n\nOnce you've established yourself with duplex's and houses then think monopoly.  Trade them in for the apartment complex. Good luck
653764
There are definitely a few advantages to buying a previously owned home.  Typically, most new homes do not come with sodded back yards, blinds, and ceiling fans.  Most previously owned homes have all of these.\n\nAlso, some persons like to buy a used home because you do not have builder risk.  You see, when you have a new home built, the builder may not do a good job and then you are stuck trying to get the builder to live up to his/her contract.  Since a used home is already built, you already know what you are getting.\n\nWhen you buy a new home, you will have more control of the look and options.  Many people want more control of the options and purchasing a new home gives them this.\n\nNew homes also should have less problems because appliances, AC's, heaters are brand new and are less likely to break.  However, you can limit the risk when purchasing a used home by purchasing an optional warrant contract, which is like an insurance policy on major house systems, such as the AC.
652705
Above answer is correct. If this is an income property, me as a buyer rather buy a property that is making money rather than after the purchase look for a new tenants and advertise, screen tenants etc. Property is attractive if you show cash flow and if I can get cash right after purchase from rents. Always a good thing.