Are there any rent to own properties - such as coops or condos available in NYC? If there are, how does the process work?

Asked by Karen Brown, New York, NY Sun Jan 5, 2014

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Anna M Brocco, Agent, Williston Park, NY
Mon Jan 6, 2014
Rent to own properties are rare as most owners prefer to sell outright, and when it comes to co-ops, most do not allow renting and boards have their own financial requirements that must met; however since rent to own properties may not be listed as such, consider working with an agent of your own. Rent to own is similar to a car lease; therefore keep in mind that it can be very risky and one could stand to lose a bit of money, so 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, or simply continue renting until a purchase can be made....
2 votes
Ella Chavers, Agent, New York, NY
Mon Jan 6, 2014
There rent to buy but on an individual basis. People usually do not advertise this kind of a a deal In Manhattan. Yes you are far better off buying outright. If you need mortgage brokers let me know.

Good lluck,

Ella J Chavers
Licensed Real Estate Sales Agent
Douglas Elliman
1 vote
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