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Additional Details
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butterfly | What is rent to own all about?? |
can someone tell me what renting to own is like and what it is alll about |
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Wata
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It’s a financing scheme that relies on renting rather than interest rates. Basically part of your monthly payments goes towards paying the rent of the item, and the remaining goes towards buying a share of the principal. So for example, let’s say you rent-to-own a house that’s worth 100k, the financial company will calculate the rent of a comparable house to be, say $1000 per month. So if you pay $1500 per month, 1000 goes towards the “rent” and 500 towards “principal”. The next month, they will calculate rent based on the $99500, so if you pay the same amount, 995 will go to rent and 505 towards principal, and so on…
They idea is that if you continuously contribute to the principal, over time, your rent declines until ultimately on the last payment, you will be paying like $1 in rent and the last installment of the principal.
I hope I didn’t confuse you! ;-) |
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just me
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u pay by the week or month to rent, but if u buy its a rip off, you pay twice what its worth |
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Decompression
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Rent to own house? Rent to own furniture? Be more specific...If a house....then rent to own means that a portion of your monthly rent payment will go toward ownership in the home (usually a good situation if your credit is not so good). There are many good points about this type of situation and some not so good. I think there may be some tax benefits to you as an part owner whereas when purely renting there are none. However, I would check with an accountant about the tax issues and have someone not involved in the deal who is familiar with real estate deals like this take a look and see if it is to your benefit to be in this scenario rather than renting. Study the contract very carefully...the reason is that sometimes a rent to own may work in the owners benefit not yours and you may be better off to continue renting regardless of the hype and marketing ploy the advertisier of the property is trying to tell you. Things are not always as the appear, so be aware. |
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to the best of my knowledge ...
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It's one way to sell a house that people with passable credit won't buy (price, condition, location). It's also a way to scam people with poor credit - they don't really "own" the house (whose name is on the deed?) but they are paying more than they would to rent it.
Be sure to go to a real estate attorney of your choosing and at your expense so he represents your best interests. Be sure you understand every paragraph of every document or don't sign it.
It's better to rent for a while and fix your credit instead. |
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r c
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read the details CLOSELY , usually ur rent
or some portion thereof is applied as a down payment
be wary, but in this market it might be viable |
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mollyflan
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Rent to own housing:
It's for people who need a little help putting together a down payment toward buying a house. The idea of a rent-to-own house is that a portion of your monthly rent is set aside by the owners for let's say 2 years at which time you have the option to buy the house and use that money as a down payment.
Rent to own furniture:
It's for people who either have "no" credit or "bad" credit. A person can rent a whole house full of furniture for a reasonably small monthly payment (about $500.00) and after two or three years they own it. The rent-to-own company does not check your credit and all you have to do is prove you have a job and prove your income. The furniture is of average quality. It's a good way to afford furniture if you don't have credit. |
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One Tired Mamma
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rent to own means you pay rent for a specified amount of time and a portion of the rent paid to the landlord/seller goes toward purchasing the home
pro----you don't need a mortgage right away
pro--- you may or maynot be liable for any thing that breaks while renting to own (ie: hot water heater, roof, etc.) depends on the contract/lease you sign.
pro---your paying towards owning your own place.
con---sometimes you only pay a portion then end up needing a mortgage anyway
con---you still have a landlord
all in all its not a bad deal
good luck |
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Candyapplesavesu
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I did this once on a TV when I was younger. If you have like no credit at all its a good way to build it. But its expensive...Like the tv I got was a retail price of aroind $1000. My payments were $200 bucks a month for two years. The interest comes out to be over 50%. The way it works is you pay the payments and after a certain time you own it. However, if you decide its too much or dont want it or skip a payment they take it back with no late charge or anything. |
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lilbagel21
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you will be paying for it, but until you paid for it in full it's not yours. For a house anything big happen the landlord pays for it. But you can't paint without the landlord letting you. |
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Sain
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It's like renting, but instead of indefinetly paying, you are paying off the house you live in. |
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redd headd
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The way it works is You pick what you want, say furniture and you sign up to pay so much a week. when you have paid what ever your agreement was you own the furniture out right. Draw back you may be paying a large premium to do this. You might pay $1000 for $600worth of furniture. This works for people that have no credit or if you are only needing the items for a short period, On a house That is called carrying a contract. this is where you make payments to a person and not a bank |
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Damocles
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Rent to own is typically done on stuff like TVs and not real estate.
Let's say I buy a house, and I get a mortgage. As I make payments, I own a portion of the house. Some of my payments go towards interest on the loan, but my payments on "principle" are in effect me buying part of the house. Now let's say at some point, I own 50% of the house (I've paid 50% of the principle up to this point), and I must move. I sell the house. I get 50%, the bank gets 50% (well, actually the bank gets whatever I still owe them and I get what's left over, so if the price has gone up, good for me, and if the price has dropped since I bought it, too bad for me).
Now suppose I "rent to own". On a TV, it works like this. Say there is a $500 TV. I can "rent", maybe say for $10 a month. The rental company isn't doing this out of the kindness of their hearts - they want to make money on this. So maybe, once I've paid in $1000 in "rent", I now "own" the TV. If I rent it long enough, they will just let me keep it. But say I've paid $900 in rent and I can't afford to pay anymore. The rental company owns it (100% of it - I do not own even a portion of the TV, legally).
Rent to own is not such a good deal for me. It's a very expensive way to buy something. Generally, the only people who are stuck having to buy things this way are people who cannot get a loan due to bad credit, etc. Rent to own is something you might have to do if you have no other choice. |
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b e a utiful
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You make payments monthly like rent, but eventually, if you finish making all of the payments, you will own it. If you don't make all of the payments then they can take it away. |
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deforestmama
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Rent to Own is for people that don't have the required down payment for lending regardless of credit. It's a contract between you and the home owner, typically lasting two years in which you pay a certain amount above the average rent that goes into an escrow account until the end of your contract. That money is then given back to you which you use as your down payment. BEWARE, if you still are unable to get financing the owner of that home keeps all the money in escrow for themselves. So make sure everything else is in order, or will be in order before your deadlline if you are considering going into such a contract. |
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jay_jay_9002
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well you pay rent to live there like anyother rent house but your kinda paying a mortage on the house.
its for sale by owner and your making small individual payments on it instead of through thr bank. |
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Tara
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You pay your landlords, but part of the money goes to owning the house. Its more expensive that way because its like you are paying rent and a morgage. |
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Lex
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It's for people who may not be able to get a mortgage otherwise. Basically what happens is that you pay an interest premium in order to use your payments basically as mortgage payments. The limitation is that if you default on the payments, you get nothing when the house is sold again - all bets are off. |
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Tata
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it's like leasing ah car |
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Diva
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Rent to own is when you are renting a piece of property and the landlord gives you the option to own the property if you like after a certain amount of years.. For example.. If you are renting for $1300.00 a month and your lease is for 2years and has a clause in their that states after two years you can purchase this property if you like... There is allot more to it though regarding the value of the property etc... But, normally renting to own if for someone who has bad credit and can't afford to purchase a property on their own so the landlord is giving them the option at the end of their lease to purchase the property under certain terms and conditions... I hope this helps! |
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Ann
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Rent to own is paying a certain amount of money each month for a period which is stipulated in the contract. Then at the end of the term of contract, you usually pay a certain larger sum to then own it. It works out a lot more than if you just saved and brought it then and there. Because interest is added on in the long term.
Ann |
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rainbowmatrixs
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It works...........very well I might add from where I'm standing...you pay rent then after a year have the option to buy the home at a fair market value.......but our rent went towards the buy. Look at the contract very well. Always watch where you are stepping.............lol |
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tweedbfly
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Rent to own is a very poor way to purchase a home. Your monthly payment is usually a good deal higher than rent alone. A small amt is deposited toward the purchase of the property. You would be much better off to build your own credit and buy a home outright. Your payment could actually be less while buying than rent or rent to own.
To build credit you can go to a credit union and borrow $500. Place that in a savings account, make monthly payments back to the credit union, making sure there on time or early. When you have repaid this loan your credit will reflect your ability to make timely payments making it easier to get a loan. Learn to budget your income during this time so that you can have a down payment available for your home. Know that a person can only afford one weeks salary for living quarters. Using this as a guide, shop for homes you can afford and do NOT over burden your self causing failure. |
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Martini
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To break it down Barney style....renting to own is having the option to buy the home or duplex or whatever you are thinking about instead of throwing money out the window every month. You are actually putting your money towards something. |
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kathy s
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I wouldn't rent to own. Just go buy furniture or whatever and make payment plans. If you are late or don't finish paying on rentals, they can re-possess the stuff and take you to court. It's not worth the hassle. |
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sahel578
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its for people with bad credit.
They sell you stuff at a VERY VERY high interest rate and repossess if you dont pay. |
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