Rent to own apartments in the area are rare; keep in mind that if interested in co-ops, each board does have their own financial requirements that must be met in order to be approved. Also 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. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...... more
You are right about buying vs renting. I have a beautiful updated co op for sale. My husband is a home improvement contractor and did everything himself. We absolutely love living here but our family has grown and need to move to a larger place. Here is the ad along with the link:
GREAT PRICE!!!! MLS Number 2507172 - For Sale or Rent w/ option to buy!!! Move Right into this 2 Bedroom 1 Bath Diamond Co-Op Located on a quiet block, near All Major Highways, Shopping and Transportation. Upper Floor With Full Size Attic, Beautiful Custom Kitchen W/Granite Counter Tops, Updated Bathroom, New Mahogany Doors, Crown Moldings in all rooms, Chair Rails, Recessed Lighting, Bamboo Floors With Sound Reduction, Local & Express buses to Manhattan Â½ block away. Half hour drive to Stamford. Also close to St. Johnâ€™s University, Queensborough & Queens colleges. Alley Pond Park around the corner. Reasonably priced at $224,888 or $1750/month rent. http://www.mlsli.com/unidetailsredo.cfm?mlnum=2507172&typeprop=1&bn=1&CFID=79296268&CFTOKEN=88304708. Keller Williams Realty - Contact Theresa Lupo - 516-873-7100... more
The offering plan should have addressed any new upcoming increases, therefore review the document with your attorney; do keep in mind that common charges can and will eventually increase due to any maintenance issues, amenities, etc.... more
I would suggest that you start looking once the coop sale is in contract and the buyer has a commitment to close and has passed the Coop Board approval. Landlords look at income and credit. If a tenant is shy income or has low credit scores, some landlords take extra security or you can prepay several months of rent along with income verification documents. If you have questions, please feel free to call me 347-728-5439. I work with several landlords that can work with you.
Merit Group Realty
I specialize in acquiring and moving deals with creative financing (eg lease-options [aka rent-to-own], seller financing, etc). The offers are transaction specific. Although you don039;t necessarily need to have your real-estate attorney draft the agreement, I'd strongly recommend that you'd hire one to review any agreement before signing it.... more
Most economists say the rent to buy ratio should be 1:1 or 1:1.5 times. In other words, if it costs $1000 to rent then it should cost no more than $1500 to buy to be a good idea. It may be a bad idea right now in Nevada but our area, New York/New Jersey is either AT that price point or very, very close. Fortune magazine, this week, said NOW is the time to buy real estate and just yesterday on CNN I saw a financial analyst recommend real estate as an investment so strongly it amazed me.
Talk to a loan officer, you may not need a huge down payment, FHA requries 3.5% only. Then do the math. I am working with a couple right now who are purchasing a two bedroom house. Their mortgage payment (with a sizeable down payment, but that is a choice) is going to be around $1200 for principal and interest. To rent the same house would cost around $1600 - $1700 per month, which means in this case it is cheaper to buy than to rent.
It is very wise to look at purchasing a home as a business decision. You are to be congratulated for that! Now, go do your research and then do the math. And by all means let us know what you find!... more