Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Rent-to-Own?
Hey Everyone! I just had a quick question. Does anyone have experience with leasing a home with the option to buy later? My fiancee and I want to move into a house and we were interested with this option since we can't afford a down payment, and the rent wouldn't be too much more than our apartment now. Amy experiences? Or any realtors out there who have any advice? Thanks in advance!
Re: Rent-to-Own?
I can think of some pluses and minuses. A plus would be that you get to "test drive" the house for some time before you get to buy. A minus would be that if rent is more expensive it would be harder to save for another house should you decide you don't like it.
I did have a friend who tried this and the landlord ended up wanting a riduclous price for the house. My friend didn't have very much bargaing power since they were already invested and living there and she got ripped off if you ask me.
This mayor may not help you. I just googled how rent to own homes work. Here is one of the links.
http://home.howstuffworks.com/real-estate/rent-to-own-homes.htm
I had a friend who did this and it turned out to be a pretty bad experience for her. The owners charged her quite a bit of "rent" and very little went toward the purchase price of the home. The owners also didn't do any of the maintenance on the home, so she was paying for all of that too. In the end she ending up walking away and was very disappointed as she'd given up an inexpensive apartment for this home. She could have saved herself the extra $500/m by continuing to live in the apartment and had money to pay as a downpayment.Instead she ending up with nothing.
That's the only experience I know of. Sorry!