RentToOwn-HouseFinder.com - A big question about a rent to own house?

A big question about a rent to own house?

My girlfriend and I are trying to move and we found this house thats a rent to own but we only want to stay there for about a year. So my question is do we have to buy the house if we take it? And do that mean we can't move?

Public Comments

Rent to own is more for someone who wants and plans to live in the house (long term) Sounds like you all are wanting just a yr lease which the seller may not go for.....
do NOT do it. rent inexpensive safe. 'ex' girl friends on lease means u lose. rent to own is not for one year and does nothing for 'credit slavery scores' u will pay higher costs than apartment easily. bad deal for u . allways decent deal for owners.
with a rent-to own, you will be paying extra every month over normal rent which gets applied to to downpayment - if you decide not to buy it, then the seller keeps that extra money for his trouble, so basically you would wind up overpaying on rent with nothing to show for it - you can NOT buy it, but you'll be throwing away money AND if you go into that deal, you have to be able to qualify for a mortgage on your own with a certain time frame - typically a year, or you also lose the "down payment" money
go to rentisover.com you can maybe find a place near you to buy a house for the same price as renting one yet it will be yours. or get an apartment. rent to own is for people who want to live in a place for many years and eventually have the house as their own once it is paid off but the bad side of that is you can pay on that house for 20yrs. and only owe 3,000 dollars on it and the landlord kick you out and you dont get anythin. bad idea. just buy a house rent is very bad and it really does not help your credit that much. did you know that if you pay $600 in rent a month is 3 years you will have paid $23,000 in 5 yrs $43,000 and in 10yrs. you will have paid $114,000 that is just thrown out the window. no imagine if that was a house you could have almost owned it by then!!! why rent? rentisover.com
No, you do not have to buy the home. Usually, a % of your rent goes toward your down payment. It is called a lease "option". Which means you have the "option" to buy it at the end of the lease. Or, you can walk away. Option money isn't refundable. Just be sure to lock in the purchase price in the beginning so you know what you're getting into. Or, you may want to wait and pay fair market value at the end of the lease if home prices are falling in your area. Since you don't plan to buy it, I would recommend paying fair market value at the end. Here's a site where you can get great advise. Good Luck. http://www.reiclub.com