Johnami, Home Buyer in New York, NY

Hello. I am planning on selling a co-op apartment and buying a single family home, as explained below.

Asked by Johnami, New York, NY Wed Mar 30, 2011

I own a co-op apartment in Manhattan. I would like to buy a single family house in the Metropolitan area. I would have to sell the co-op in order to purchase the house. I am 66, not working steadily, and believe the best plan would be to pay in full, as opposed to getting a mortgage. Ideally, I would like to find a house that I can rent until I sell the co-op, with the rent money credited toward the purchase. Is this a feasible plan?

Help the community by answering this question:


When you rent with an option to buy or rent to own, usually only a portion of the rent gets credited towards the purchase so that might not be the best way to go. Typically, you simply need to sell the coop first, then buy. You can certainly start looking but why incur the additional expense of renting when most certainly you're already paying maintance charges for your coop. If I can assist you, please feel free to contact me.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
0 votes Thank Flag Link Thu Mar 31, 2011

Rent to own could be an option for you, but you'd be paying a lot and only a small percentage would actually go towards the downpayment of the home. List your apartment and start looking for homes in the mean time. It may be hard finding a buyer for your place, but you shouldn't have a problem finding a home for yourself in this market. I think it would make even more sense to sell and have to rent month to month in the beginning instead of doing a rent-to-own.

0 votes Thank Flag Link Wed Mar 30, 2011
You can find a rent-to-own house, although they are hard to come by. If you would like to disicuss your options, please contact me.

Stephanie L. Solano
Licensed Salesperson, Westchester-Putnam,
Connecticut MLS
J. Philip Real Estate LLC
cell 914-645-2433
fax 914-470-1124
0 votes Thank Flag Link Wed Mar 30, 2011
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