Rent to Own

jeninabilan
jeninabilan Posts: 369 Member
in Chit-Chat
Hey guys!

My boyfriend and I are looking for a house to rent in the Nashville area and we keep seeing signs to "rent to own" homes. Can anyone advise me on this? I would LOVE to have my rent go towards a downpayment for the house and not just get wasted into thin air. Let mw know if you have any thoughts or opinions :)

xoxo,
Jenina :)

Replies

  • stumblinthrulife
    stumblinthrulife Posts: 2,558 Member
    Hey guys!

    My boyfriend and I are looking for a house to rent in the Nashville area and we keep seeing signs to "rent to own" homes. Can anyone advise me on this? I would LOVE to have my rent go towards a downpayment for the house and not just get wasted into thin air. Let mw know if you have any thoughts or opinions :)

    xoxo,
    Jenina :)

    Complete con, if you ask me. Your rent is not going toward a down payment. Instead, your rent is artificially inflated, and a portion goes to a down payment. Better to just go with a normal rental, and save the money for your down payment separate to that.

    If you do decide to go for the rent-to-own (and I honestly hope you don't) then for God's sake read the contract carefully. Many will include clauses that you basically surrender the money paid to the down payment if you breach the contract in any way - most often a late rent payment. That's where they get people. It's a scam to charge obscene rents to people who are probably not in a financial position to ever own a home, and probably not savvy enough to properly read the contract.
  • jeninabilan
    jeninabilan Posts: 369 Member
    Thanks so much for all of the help guys!! and Eric, I was looking into a few places in Donelson too! How do you like Nashville? We love it. I've lived here for 4 years and am currently in the West Nash/Bellevue area, but it's pretty far out from everything.
  • sally_jeffswife
    sally_jeffswife Posts: 766 Member
    We did this thru a realtor and the people who owned it and just made sure to do it thru an actual Closing Company. That way we actually have the deed to the place it just isn't completely owned till we pay it all off. I would go thru a closing company where both parties sign paperwork and stuff and you have a contract and go with a realtor also and that way you don't have to worry about it.
  • maddmaddie
    maddmaddie Posts: 160 Member
    Well.....one thing about renting is that its flexible and can be cheap if you have a roommate. If you're both done with college, started a career and you don't have to move for any reason. Then go for it.

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