looking for a house. it says rent-to-own. what does that mean
Don't do it, I asked my cousin this a while back because she does real estate in both ny and florida. Basically its like mortgage, you don't own the house as yet but your paying the house owners it monthly but the part that is bad for you is that on the house their are also taxes that are worth about 20,000 a year and on top of paying the mortgage you have to pay the taxes and your other expenses such as gas, lighting, water exct.... But yeah the house you obtainon rent to own will most likely take about 30 years to pay off but with rent to own you still have to pay for the taxes to and you will basically be paying twice as much as the original price.
Yu make monthly payments to rent the house, and if you make enough payments for long enough, you have the option to buy the house by paying an additional amount (which is less than it would be otherwise, because all along, part of your rent payments were being set aside as a downpayment to buy the house - but if you decide not to buy, you lose that money that was being set aside and the landlord keeps it).
comprehend which you're nevertheless a Renter. So for this reason the guy who you have entered into settlement with continues to be the owner. he's maximum easily in charge for the furnace. yet you're nevertheless required to pay the hire as long as you nevertheless stay there. My suggestion to you would be to jot down a approved letter to the owner and enable them to comprehend that in the event that they do no longer fix the furnace, you will deduct the entire volume from the equivalent volume of hire and purchase it and have it put in your self. purely be constructive you checklist your lawsuits with the help of email, letter, etc., so if it consists of you figuring out which you no longer prefer the placement and would desire to pass to courtroom over the situation, you would be nicely documented. this is substantial which you compromise this previously you get to the own point. needless to say, you would be on your guy or woman then. desire this permits.
