Rent to Own options, any thoughts?

[DanielEcu]

Hi, I have been reading a lot about rent to own options. Anyone has any thoughts on this? This seems as a very good option... is it too good to be true? Thank you!

 

[scylla]

They're OK. Generally speaking, this arrangement is thought to benefit the home owner more than the renter / future owner. There are a number of potential pitfalls for the renter / future home owner - including the fact that they are locked into a specific house and the large deposit they have to pay up front that is typically non-refundable. I'm not sure I would call this a very good option from a financial perspective - more an OK option provided you really understand what you are doing. If you decide to go ahead, make sure you have a good lawyer review the contract. Stay away from middle men.

 

[DanielEcu]

They're OK. Generally speaking, this arrangement is thought to benefit the home owner more than the renter / future owner. There are a number of potential pitfalls for the renter / future home owner - including the fact that they are locked into a specific house and the large deposit they have to pay up front that is typically non-refundable. I'm not sure I would call this a very good option from a financial perspective - more an OK option provided you really understand what you are doing. If you decide to go ahead, make sure you have a good lawyer review the contract. Stay away from middle men.

Thanks for the info. I am interested on that option since I will go with my wife and my 6 years old and definetily don't want to keep moving houses, so that is why we are interested on settling on a house that we know we will buy later...