Anything I should know before buying a house??rent to own anyone

Question

So ive been planning on buying a house just wondering anyone got any tips and or websites to look at some houses? Also anything I should knoe? I am a first time buyer im planning to rent to own anyone done that??

Answer

Renting to own is just a bad idea. I have a friend that out about $30,000 into a house she was renting to own and had lived in for quite a while. The owners are going through a divorce so my friend is now out all that money, and isn't going to own the house. I had another friend who was renting to own from a lady who had just got married. She decided she wasn't happy in the marriage and made my friend move out.

Answer

Don't rent to own. It tends to not work out for the renter especially if you put money into remodeling the home. Browse online at homes for sale, check neighborhoods your like, keep an eye on property appraisals and home value in the area, pay more attention to the structure of the home when doing walk through, does the furnace work...when's the last time it was replaced or serviced, has the home ever had flood damage, make sure all duct work is in proper working order, the water heater, does it have central air, the school district, crime rates in that area. When we bought our house we first thought we'd buy something older but once we saw brand new houses in a subdivision were in the same price range and everything was brand new we thought well why would we buy an old house that could have problems so we bought new and we love our house. We've been here 6 years now.

Answer

My so and I did rent to own. It isn't an ideal situation but it's very helpful for some people. I would say unless it's your only option it would be wiser to get a conventional mortgage. Make sure you have a good contract! More likely than not the money that you pay monthly  towards the own portion is NON refundable.

Answer

Do not rent to own! You're going to pay way more for the house over time than what it's worth.

When I was looking for a home, I used Zillow and a local realtor website. First thing i checked was if that home was able to take an FHA loan, seeing as we were first time home buyers. I looked for areas that I knew were good areas to raise a child and had good schools. I made sure it wasn't on a busy road at any given time of the day and there wasnt construction going on in the surrounding area. I checked listing prices on the houses and the comps of houses that were similar. Then I checked for any damage to properties; water damage, vandalism, foundation repairs, etc. Then I moved on to houses that fit our criteria; 3 bedrooms, 2 bath,garage, square footage, etc. We looked at many houses and only put an offer on 2 homes, and didn't get either homes.

Finding a home takes a lot of research and time.

Good luck!

Answer

Before buying, checkout possible houses and the surrounding neighborhoods at random times of the day during the week and weekend. Find an area that's consistent. Such as all vehicles are within a similar price range (could be high or low, no judgement there, but consistent is good), or how well groomed the lawns are (again just consistent) Also make sure the air conditioning unit and furnace is running properly and not out of date. You might bring your own inspectors in to find that out or inquire with a local company how old the systems should be. Unfortunately we trusted the reports from the seller and our air conditioning unit went out the night we moved in (90 degrees outside). We did "cheap" ($400-500) fixes 2-3 times before we replaced the whole thing, furnace too. And don't feel the need to furnish all the rooms or decorate right away. We bought larger items every 2 months so that we would keep our savings above a certain amount. Stick to your budget!

Anything I should know before buying a house??rent to own anyone

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