In my humble opinion, you should think of buying as buying and renting as renting.
I am not a fan of rent to own deals.
I suggest you speak with a lender to see what you need to do to position yourself to buy a home.
I wish you the very best!
Kawain Payne, Realtor
It makes sense for sellers NOT to do this , as the market stabilizes & moves into an upswing, which for the most part, NJ is in now.
If you are considering an area where real estate values are in the black i.e.. positive & rising , home owners would prefer to sell their home outright & receive a market price, rather than a predetermined price that may fall short of market values at the time of the actual sale.
Shalu Thaman - Realtor,ePRO,ABR,SRES
Keller Williams Princeton Real Estate
Cell # 609.577.5861
Rent to own was popular years ago when we were in a buyer's market. Seller were desperate to sell, and were offering this option to buyers who couldn't qualify. But most areas are in a very healthy sellers market now. Most sellers want to, (and are able to) SELL their homes to normal qualified buyers.
Use the extra money that you'd be putting into a rent to own situation toward paying off your debts and bring that credit score up.
Rent to own isn't very common now a days, especially in a hot market like Bergen County, NJ. It does not make sense for the seller to do this since the market is a roller coaster and is in the direction of increase in prices. If you were interested in looking for rent to own properties, I can send you rentals and we can ask the owner if he would consider it, or I can search in my system for properties that are doing land contract deals which is owner financing.
If you have any more questions you can call me direct at 845-664-2144.
Real Estate Salesperson
Licensed in NY & NJ
Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption
Hope that helps.
My recommendation is to find a place you want to rent/live in and then build in a right of first refusal if the owner decides to sell.
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