Rent or buy?

posted 2 years ago in Home
  • poll: Would you rent-to-own or just buy first?
    Rent to own : (7 votes)
    47 %
    Buy : (8 votes)
    53 %
  • Post # 2
    Member
    42453 posts
    Honey Beekeeper
    • Wedding: November 1999

    rel318:  Either way, I would get a home inspection done so you know what you are dealing with and what potential costs are around the corner.

    Post # 3
    Member
    992 posts
    Busy bee
    • Wedding: May 2015

    rel318:  If the owners are selling themselves it might be worth seeing if they would allow you to “rent to own” at least for the first year before purchasing. Roommates and I rented a house for three years and at the beginning of it that was an option our Landlords talked to us about.

    Post # 4
    Member
    611 posts
    Busy bee
    • Wedding: May 2012

    Unless you have money to sink into this home outside of downpayment and closing costs, I wouldn’t even think about buying it yet.  Are you prepared to deal with renovations if you had to, both cost wise and emotionally?  Even buying a newer home can come with issues.  Either way, it’s safe to say that a home inspection will need to be done, will likely uncover things that need fixing, and that pictures won’t give you a real idea of issues such as the state of the foundation, electrical, plumbing, roof etc. 

    Post # 5
    Member
    3756 posts
    Honey bee
    • Wedding: April 2014

    Do you have the money for the up front costs? Down payment, closing costs, etc? A home inspection is a must but doesn’t mean it will uncover all of an old houses issues. Is your fiance handy? Will you be able to do home repairs on your own or will you need to hire someone? Things to think of, when was the last time the roof was replaced? Is the electricity/plumbing/heating up to date and working properly? How is the foundation looking? Will you have money left after your mortgage is paid to put into savings for when these repairs/renovations come up? Will you qualify for the whole mortgage on your salary and credit history alone? Keep in mind that a pre-qualify doesn’t mean approval and things will come up in the approval process that they don’t look at in the pre-qualify. You have no debts now, but do you have a credit history to prove you’re mortgage worthy?

    Post # 6
    Member
    4794 posts
    Honey bee
    • Wedding: May 2014

    rel318:  Are they renting it because they haven’t sold it yet? In which case, couldn’t they sell it once you have rented it? I’ve heard that happening anyway, to a friend. But it’s a good idea to rent if you can. I just think any house, let alone a 100 yr old house, will have upkeep. We’ve been in our 73 yr old house for 1.5 yrs and the things we’ve HAD to fix are: 2 burst pipes, added insulation, new roof, innerds of the toilet, had the basement and tub snaked. Houses cost money, but they’re so great!!

    Post # 7
    Member
    1677 posts
    Bumble bee
    • Wedding: October 2013

    I would DEFINITELY rent to own at the very least and perhaps think about looking into a different (newer) home to buy. Unless they have been completely remodeled, old homes are money pits. As much as I love their character!

    We bought a house built in 1941 and thankfully a lot of it has already been redone but there are a few things that we need to repair….ie. random old windows that weren’t replaced (they cause very pricey electric and heating bills), an old water heater needed to be replaced, one of the bathrooms has a toilet from the 60’s that probably uses at least 5 gallons per flush (It pains me that we haven’t replaced that yet)…you get the point. Even if the home looks nice and well kept, it will probably need quite a bit of work. I would really urge you to rethink buying a home that old.

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