Rentals in Woodstock>Question Details

gr8tmagess, Renter in Woodstock, IL

are there homes available to rent with an option to buy?

Asked by gr8tmagess, Woodstock, IL Sat Mar 15, 2014

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Probably, but you shouldn't bother. Rent-to-own is being a tenant for starters. In most cases you must pay a fee to buy the "right to buy" at a later date. You generally also pay over market rent, hoping to apply some portion of this rent toward your down payment. All of this extra money is lost if you don't exercise the option within the timeframe of your contract.
You have no more rights than any other tenant and the only reason a landlord/seller would do this is if it was in their financial interest. In any market there are few if any available, so your options will be slim. You must qualify for a mortgage when the time comes or you've accomplished nothing.
A better alternative is to find an inexpensive place to rent and put your time and energy into qualifying for a mortgage as soon as possible. You'll have more options, more leverage when making an offer and no risk to your money.
0 votes Thank Flag Link Sat Mar 15, 2014
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