rent to own?
Feb 21st 2009, 3:45 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2009
Posts: 61
rent to own?
Has anyone gone down the rent to own route when buying a property? Pros and cons? Horror stories?
Feb 21st 2009, 5:52 pm
#2
BE Forum Addict
Joined: Dec 2007
Location: Calgary
Posts: 2,092
Re: rent to own?
It can be doable - get the contract checked by a lawyer. Don't jump at the first one.
Feb 21st 2009, 11:17 pm
#3
Pretty Fly For A Whiteguy
Joined: Feb 2008
Location: Barrie, Ontario(formerly Penperlleni, Cymru)
Posts: 570
Re: rent to own?
I did it. Had no problems at all. I didn't want to spend our savings on the down payment so it worked for us. Like triumphguy says make sure you read the small print and you should be OK.
Feb 21st 2009, 11:46 pm
#4
RETIRED Realtor
Joined: Aug 2006
Location: Winnipeg, Manitoba
Posts: 2,087
Re: rent to own?
The biggest problem with rent to own is if you decide not to buy you don't get back the bit of the rent that was going to "buy".
This is all covered in that all important contract (as mentioned above) DO NOT SIGN this without having it explained, clause by clause, by YOUR lawyer.
This is all covered in that all important contract (as mentioned above) DO NOT SIGN this without having it explained, clause by clause, by YOUR lawyer.
Feb 22nd 2009, 3:58 am
#5
Retired
Joined: Apr 2004
Posts: 34,649
Re: rent to own?
Unclear why anyone would want to complicate things like this ... if you want to rent, rent. And if you want to own, you should just arrange the finance to buy.
Feb 22nd 2009, 4:07 am
#6
Pretty Fly For A Whiteguy
Joined: Feb 2008
Location: Barrie, Ontario(formerly Penperlleni, Cymru)
Posts: 570
Re: rent to own?
As in my previous post I didn't want to use my spare cash as a down payment.
Feb 22nd 2009, 7:03 am
#7
BE Enthusiast
Joined: Apr 2007
Location: Calgary, Alberta
Posts: 373
Re: rent to own?
As far as I can see, you are committing yourself to buying a house in 12 months for what it is worth now. That doesn't sound like a good idea in a declining market!
Feb 22nd 2009, 1:58 pm
#8
RETIRED Realtor
Joined: Aug 2006
Location: Winnipeg, Manitoba
Posts: 2,087
Re: rent to own?
The house price is fixed, just as if you bought it at that time.
Its not the best way to buy a house, but it does work for some people.
