Rentals in Syracuse>Question Details

Nakisha-giles, Other/Just Looking in Syracuse, NY

Not ready to buy a home yet but trying to find more like a rent to own deal , but the cost to rent is crazy, I really would perfer to pay off my

Asked by Nakisha-giles, Syracuse, NY Thu Jan 3, 2013

school loans then buy a home Help any advice

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Chip Hodgkins’ answer
There are better ways to buy a house than to do a "rent to own" style transaction. The best thing to do is focus on your credit score and find the area you want to move into at the same time. While this is happening you can start by renting in that area and continue to shop for a house. Buyers are taking their time in the buying process, but the market has begun to move quickly, even in the Syracuse area (in January). Our amount of houses on the market has fallen by 25%, so you should start working on this right away. You should look for an agent in the local area to give you advice and help you start looking. Give me a call or send me an email and we can make it happen.
Best of luck,
Chip
2 votes Thank Flag Link Fri Jan 25, 2013
There are plenty of properties out there that offer the "Rent-to-Own" option...I know of a few here in Syracuse right off the top of my head. The problem is the benefit is mostly for the seller, not for you in your current position. If you want to pay off your school loans you cant afford the big down payment that's required for a rent-to-own. If your credit is good, and your income qualifies, you can buy AND pay off your school loans!! I have clients who are doing the same exact thing as we speak. I would be willing to go over your options with you and talk about our Local market, if you would like! Email or call me. I look forward to hearing from you!
0 votes Thank Flag Link Thu Jan 24, 2013
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes Thank Flag Link Fri Jan 4, 2013
Consider paying down your debt first. Keep in mind that 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....
0 votes Thank Flag Link Fri Jan 4, 2013
If you're looking to buy, then you should pay off your student loans and start saving. You'll make more progress than trying to do a rent to own deal.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Jan 4, 2013
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