Home Buying in 60053>Question Details

Kt, Home Buyer in 60053

I have great credit, and investments, but I have a temp to hire job wouldn't it be better to rent to own?

Asked by Kt, 60053 Wed Feb 17, 2010

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I wrote a blog showing you how to make that decision. I included realtor fees, amortization, and other relevant information.

If you are under 3 years I would expect that renting would be more profitable than buying would be when all costs are considered. Do your calculations and see for yourself.
1 vote Thank Flag Link Wed Feb 17, 2010
Not usually. You pay more in rent with no tax benefits.
0 votes Thank Flag Link Sun Jul 28, 2013
Hi Kt,

It some cases it may not be good idea to rent to own. You do not know what the market will be in the future and it is very difficult to agree on a set price now in such a voltile market. Also, in your current situation, if you were really looking at owning your home, wait until your temp becomes a permanent job. You might be able to qualify to purchase a home.

Cherrie Catama
Newman Realty
0 votes Thank Flag Link Wed Feb 17, 2010

For now it would be better for you to rent than own. I wouldn't tell you to sign a lease to own contract, however if you find a house or condo you like that has been on the market for quite some time you might direct your agent to approach the seller with the "rent to own" scenario. There are a couple of different ways to go about this. 1. lease with the option to buy. 2. Lease purchase. and 3. Contract Sale. All 3 of these "rent to own" scenarios need to be written up by a real estate attorney. If you have any further questions feel free to ask.

Mark Manz
Broker Associate
Koenig & Strey Real Living
HomeServices of America, Inc.
A Berkshire Hathaway Affiliate
direct 773- 551- 7811
fax 866- 653- 0883
0 votes Thank Flag Link Wed Feb 17, 2010
KT the only way to truely tell is for you to meet with a local and trusted mortgage broker, they can prequailify you at no cost and let you know if there are any programs that your quailify for. If you do not quailify for any current programs, they should be able to assist you in what you need to do in order to quailify. good luck with your quest for your own home, i hope things work out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Feb 17, 2010
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