Would you consider a lease to own option?
By wdwgirl
@wdwgirl (23)
United States
March 20, 2013 3:05pm CST
I have done a lot of thinking but am still on the fence. I am renting at the moment and the commute to my job is killing me in gas. I am not in the position to obtain a mortgage for the time being and have considered a lease to own option. I have children and want them to have stability in a home. I would definitely be able to afford it and with the gas being saved for being closer to my job and that alone would help out quite a bit...but I have heard some horror stories too. What are your thoughts and opinions of a lease to own option? If you were to suggest it, how would you go about it?
4 responses
@peavey (16936)
• United States
20 Mar 13
We bought a house on a lease to own plan. We paid rent for two years, then about a third of it went to the down payment. We had to put up another $10,000 when we bought the house. There are all kinds of ways of going at it, but I would certainly give it a try if I were you. Just be sure you read all the paperwork and know exactly what you're getting yourself into. Make sure it's all done legally and not on anyone's say-so. Check for title insurance beforehand so you're not paying in on a house that doesn't completely belong to the landlord/seller.
Go at it as if you were buying the house and ask all the questions before committing. You can back out any time, but it's easier to do so before putting your heart into it.
@peavey (16936)
• United States
20 Mar 13
I honestly don't know. We found ours through a real estate agent, but the house wasn't even for sale. He just happened to know a guy who had one that wasn't being occupied and asked about it.
I would just check the papers and ask at real estate agents, but I don't really know which is the best way.
@habibti320 (925)
• United States
20 Mar 13
What kinds of horror stories have you heard of with lease to own options? Would the property care be the responsibility of the tenant or the landlord? If you decided not to buy, what would happen to your investment?
I have never tried this option before, but it seems better than paying rent. It always feels like a waste to pay such a large chunk with no investment.
@wdwgirl (23)
• United States
20 Mar 13
The horror stories I have heard from some people are paying the rent/mortgage to the landlord but the landlord not paying the mortgage with the money you paid them. I heard the best way to go about it is find an individual that is selling their home and do a binding contract to protect the buyer and seller. I am not too sure exactly on how to go about it other than that.
@hummni (7)
• United States
21 Mar 13
I too have a lot of good and bad about lease to own and rent to own options.. I myself was considering it about a year ago but I am glade I didn't for I am now out of work and fear I would have lost out big. I would suggest that pay vert close attention to the stipulations in the lease agreement so that you know what could happen in different situations.
