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Rentals in 06614 : Real Estate Advice

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  • Local Info5
  • Home Buying2
  • Home Selling1
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Activity 3
Sun Aug 5, 2012
Tara Stirk answered:
Hi Eliot,
I just want to make sure you are fully aware of all the pros and cons of rent to buy deals. Hope this information helps. Also, what are you looking to pay monthly? I may have a few places in Stratford that would work for you.
Here's how it works: Instead of outright purchasing a property, a potential buyer draws up a contract with a seller in which the monthly rental payments, based on the home's value and often above going rates, count toward an eventual sale. All rental payments made pay down the principle if the renter decides to exercise the pre-paid option--typically 1% of the sale price--to buy. The date at which the agreement expires varies by contract but is typically between two and five years. At that point, the renter can choose to buy the home at the original listed price minus the equity he or she has built. If not, then the homeowner has the option to evict them and keep all payments.
Of course, there are pitfalls. If a renter eventually decides not to buy, not only do his rental payments disappear, but the premium option fee he has paid for the right to buy also evaporates. In addition, if the price of the home goes down considerably over the next three years, then the renter has been paying a rate based on that amount and will find himself overcharged. On top of that, many contracts in rent-to-buy situations disallow late rental payments from counting toward an eventual sale. Those with punctuality problems might lose equity.
They can be helpful for those sitting on the fence but shouldn't be utilized by anyone who isn't serious about eventually buying the home. Rent-to-buy should be made as part of a plan to own a home, otherwise it will end up costing more money in fees and above-market rent payments. Make sure the eventual purchase is driving the decision to enter a rent-to-buy.
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Sun Aug 5, 2012
Tara Stirk answered:
Currently there are no rentals with full inlaw suites. Do you need a full suite or would a room with a full bath do? If that would work for you there is a raised ranch with a large room and full bath downstairs. If you need any additional help please do not hesitate to ask!
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Sun Jul 22, 2012
Eliot Walker answered:
I have the perfect place. Nice 1 br in Stratford for 850.00
call Eliot 203-895-2500
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