Home Buying in Staten Island>Question Details

RIta Perez, Renter in New York, NY

Are there any rental homes with option to buy on Staten Island?

Asked by RIta Perez, New York, NY Fri Jun 13, 2014

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Rent to own properties are rare as most owners prefer to sell outright; rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made.
1 vote Thank Flag Link Wed Jun 18, 2014
Not that I am aware of. You need to be cautious in this situation. Rent to buy may also be called Lease to Buy; Renters pay a certain amount each month to live in the house, and at the end of an agreed upon period they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home. Be aware that many contracts in rent-to-buy situations disallow late rental payments from counting toward an eventual sale. People with on time payment issues might lose equity when making late payments. Before you enter into this sort of arrangement talk long and hard with your real estate attorney, consider all the liabilities, and have a complete understanding of what's involved. Rent to buy can be helpful, but shouldn't be entered into by anyone who isn't serious about eventually buying the home, otherwise it will end up costing you more money in fees, and above-market rent payments.
0 votes Thank Flag Link Wed Jun 18, 2014
I have not seen any, there are homes for rent. If youd like please contact me so we can discuss your options.

Thanks
0 votes Thank Flag Link Wed Jun 18, 2014
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