Did anyone rent a house with the option to buy...

then bought it? If so, is there some special way of going about that? My friend told me he looked into this and was told that he was able to use a portion of his monthly rent to put towards the downpayment of the home. I was a bit skeptical about that and was wondering if anyone knew anything about this.

Re: Did anyone rent a house with the option to buy...

Dh's cousin is doing that. They are in FL though, and I have never heard of this happening in NY.

Re: Did anyone rent a house with the option to buy...

it's big down south it's called rent-to-buy/own or lease- purchase.

we considered it. if you google the term you ca find info on it

Re: Did anyone rent a house with the option to buy...

that is what we are doing with our house in Hilton Head SC! we just put it into the paper today down there soI'm really hoping we get some bites on it!!

Keep your fingers crossed!!

Denise


I knew of some people that did do that up here though a few years ago but not really anymore!! I would look into something like this also if I bought a house here or was going too!!

Denise

Re: Did anyone rent a house with the option to buy...

Thanks for the info!

Re: Did anyone rent a house with the option to buy...

My husband is dying to try this with our house when we decide we need a bigger one.

I thought it sounded sketchy too, but the more I hear about it, the more reasonable it sounded.

Re: Did anyone rent a house with the option to buy...

We actually thought about doing this but eventually found the house we wanted.

It works out good for both parties the owner knows that the renter is not going to destroy the place and might actually do repairs, and basic maintance while renting... And chances are the only reason why the renters are doing it is b/c they dont have the down payment.