Home Buying in Greensboro>Question Details

Sammi Blakne…, Home Buyer in Newark, NJ

i want to buy a house in Greensboro i lived down there an is it better to buy a house rent to own or buy straight with cash

Asked by Sammi Blakney-walker, Newark, NJ Mon Oct 21, 2013

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Buying is a great opportunity if you're able to make it happen. The rates today, combined with great home prices, is making home affordability the best it's been. However, if you're not in a position to buy at this time, or if you're not sure of a specific location in which you'd like to live, renting is the next best option. I would look to avoid a "rent-to-own" scenario, and instead stick with a standard lease. You could even add to the lease a "first right of refusal" clause that would give you first crack at buying the house. There's nothing wrong with telling an owner that you're wanting to rent for a year and then buy... but it's not an advantage to you, the renter, to write it up as a "rent-to-own." Best of luck, and I hope you find exactly what you want!
0 votes Thank Flag Link Fri Oct 25, 2013
I agree with others, rent to own is sometimes complicated, and in the long run the payments being made monthly in the rent to own contract do not go towards the total amount of the price, which in the long run cost's you more money. When renting to own, you build equity very slowly. When buying cash or financing a home, you build equity quicker. The market is great, and interest rates are low. If you have further questions don't hesitate to call an agent to discuss your options further.
0 votes Thank Flag Link Thu Oct 24, 2013
I would not waste time and money renting. With interest rates still low, it is great to buy now if you can afford it.
0 votes Thank Flag Link Mon Oct 21, 2013
I would stay away from Renting to Own, I never see much success from it own your end...I would love to help you buy a house in Greensboro..
0 votes Thank Flag Link Mon Oct 21, 2013
I would stay away from the rent to own scenario. It works great for the owner of the property because they do not have to return deposit money if you move. It also means that your monthly payment will be higher. They justify this by saying that a portion of your payment will go towards down payment. I have no problem with renting or owning but I just feel you should separate the two. If you decide to rent, rent it then make an offer towards the end of the lease. Either way you go, I wish you the best!!
0 votes Thank Flag Link Mon Oct 21, 2013
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