RentToOwn-HouseFinder.com

Is it possible that some people are just meant to rent & never buy a home?

My current landlord is selling all of his properties. Some of which are being rented right now. He's giving his renters the option to buy. I know NOTHING about real estate. I've rented my whole life. The thought of it being possible for me to ever be able to buy a house, actually has never crossed my mind. Really, I never thought it would be possible. But he's saying I could get this house easier, since I've paid good rent for so long. He already has a man @ the bank, ready to speak w/me. He says 2 of his other tenants have been approved (1 of which had filed bankruptcy). So if I'm going to buy a house, this would probably be the easiest to buy. But not only do I not know if it's worth it, but I have some people saying I'm a fool to not buy & other saying it's not worth the price. Plus, Im comfortable knowing a landlord has to fix all the problems & pay the ins & taxes, etc. The thought of hvng that much responsiblity makes me nervous. It's scary. What should I do, in your opinion?

Public Comments

1. My opinion is that you should at least meet with the bank or mortgage lender and see what you qualify for. Talk to a real estate agent and ask them to pull comps (these are sales of similar properties near the one you want to buy) so you can see if the property is a good deal. If you decide to proceed, ask that agent to be your buyer's agent for the transaction. That means they only represent you and you don't pay them a dime--agents are paid out of the seller's funds at closing (unless your landlord is doing a carryback and isn't listing and that is why he contacted you directly). Anyway, check into it. You have nothing to lose and you might end up paying less on a mortgage than you do in rent.
2. I have been a renter for about 9 years now. I would like to buy a house and hoping to make that a reality next year. If you can afford it and you like the house buy it. Don't buy it because it would be easy and people are pressuring you. I would love to be in your position!
3. buy it. you can always sell if you don't like it.
4. If you are someone who does not want to maintain a large yard, be responsible for repairs, or be tied down to one home for a long period of time, then renting can be very practical. Especially if you're able to find a reasonable landlord and decent rent. If you're comfortable having someone approve whether you paint, own a pet, or modify your home, then go for renting.
5. My sister-in-law's boyfriend got a sweet deal on buying a house and he hates it. he has to do all the maintenance and all the other stuff you were talking about and he's so over it. He swears once he sells it he will never own again. So, yeah, I guess some people are just meant to rent or buy a condo. Personally my husband and I own and we love it.
6. Of course, make sure you are happy living there and wouldn't mind staying. But I would say yeah!!! Go for it!!! Until this last year, I was only paying $230 a month for my mortagage. and then another maybe $200 for bills and that is it. Remember also, that the house loan and the interest is tax deductible (interest) and the payment is going towards owning the place. If you were to stay somewhere and rent and ended up there 15,20, or 30 years, you would have had a house paid off by then, instead in your case you would still be renting. There are always pros and cons to everything in life. Good luck and God bless...
7. There are a lot of advantages to owning a home, but some people are just not happy with that much responsibility. If you are not ready to make the move to ownership, don't do it--- a good "deal" now might end up costing you more in the long run. For example... if you are irresponsible with your rent payments, you might get evicted but if you are irresponsible with the mortgage, you will go to foreclosure. If you've been evicted, you can still find another place to rent (it just might take more looking) but if you have a foreclosure on your record, you won't get the chance to buy a house (or anything else big) for 7 years or more. There is no harm in saying you are not ready for the responsibility of homeownership if you don't think you are. Better to wait a few years than rush in and make a mistake.
8. First, meet with the lender. Find out what the rates you could get are, if you qualify-- and what the payment would be. You do not have to commit to anything and this could clear up some 'what-if"s to you. If you're comfortable with the price they'll do an indendant appraisal to validate the price. You should also checkonline at some condos with similar features and make sure its in the right ball park. Don't be afraid to ask for a few grand off from the landlord-- or even say you'll pay asking but he pays your closing costs (typically 3%)....he'd rather have a for sure sale then have to list-- not to mention he's saving 6% in realtor costs!!! Also if you choose to buy-- get anything that's broken fixed in advance. It's not that you're meant to rent forever-- its that there's comfort in the familiar and you like that. However, if you never purchase a home, that means that every year your rent will increase, and you'll never have equity. Say right now you're 40 years old, and your rent is 1000. If rent increases even a token 2% each year (the rate of inflation) when you are 65, your payment will be $1641. If you would have bought the home and even paid $10 extra each month, it would be paid off at that point and your payment would be $0.