Rent to own
Jan 11th 2010, 11:33 pm
#1
Account Closed
Thread Starter
Joined: Jan 2007
Posts: 2,404
Rent to own
We should hopefully have PR in the next few months- at which point I'd like to get our own house.
The chances are we wont have a large amount of $$$ to put down as a deposit, so I've been looking at the various rent to own programs.
Has anyone else had any experience with these, or any other thoughts in general about them?
Cheers
The chances are we wont have a large amount of $$$ to put down as a deposit, so I've been looking at the various rent to own programs.
Has anyone else had any experience with these, or any other thoughts in general about them?
Cheers
Jan 12th 2010, 12:08 am
#2
Banned
Joined: Dec 2005
Location: In Limbo
Posts: 15,706
Re: Rent to own
We should hopefully have PR in the next few months- at which point I'd like to get our own house.
The chances are we wont have a large amount of $$$ to put down as a deposit, so I've been looking at the various rent to own programs.
Has anyone else had any experience with these, or any other thoughts in general about them?
Cheers
The chances are we wont have a large amount of $$$ to put down as a deposit, so I've been looking at the various rent to own programs.
Has anyone else had any experience with these, or any other thoughts in general about them?
Cheers
Jan 12th 2010, 12:18 am
#5
Lost in BE Cyberspace
Joined: Aug 2005
Location: South of Calgary
Posts: 13,375
Re: Rent to own
It can be in a rising market. Former clients of mine tried everything they could to prevent the buyer purchasing a house in 2007 that they had entered into "right to buy" agreement some years previously. Buyers won and the vendor was pissed
Jan 12th 2010, 12:22 am
#6
Banned
Joined: Dec 2005
Location: In Limbo
Posts: 15,706
Re: Rent to own
Put simply, IF you buy, you have paid over the current market price (since only a portion of your monthly payment is going towards the purchase and the vendor will be charging you MORE than the current APR). IF you DONT buy you will have paid more than the going Rental rate AND the vendor can 'sell' the home again.
Most 'vendors' who operate this type of scheme do so because the eventual purchase rate (taking NA as a whole) is less than 50%, that alone should tell you something.
Most 'vendors' who operate this type of scheme do so because the eventual purchase rate (taking NA as a whole) is less than 50%, that alone should tell you something.
