As a Consumer is this attractive?
Started by Fayek
about 16 years ago
Posts: 269
Member since: Jul 2009
Discussion about
http://therealdeal.com/newyork/articles/greenfield-partners-oro-facing-slow-sales-introduces-rent-to-own-program-at-306-gold-street If you are in the market to buy a condo and are waiting to see if prices have bottomed, would the rent to own option influence your decision?
or if you are looking to rent, do you see this as an interesting option?
how do you expect anyone to answer this intelligently without numbers?
I know that the Rent To Own Option has been very successful at Northside piers, and am wondering if it will you as a renter or buyer see this as an incentive to check out Oro.
I like the option, only if the purchase price is not decided at the beginning. I would definitely ro rent to own in a building that I like as long as that after 2 years i can purchase at the current market rate.
marco_m - Actually, an option,at "current" market would work for you. If prices went up, you'd be in great shape. If prices went down, you simply wouldn't exercise your option - and would just start to negotiate price at that time.
Im sure if you choose to not exercise they wont negotiate and then negate any of the down payment that you accumlated. if i did rent to own, i would definitely have a lwayer involved to go through the docs. but i definitely like the idea
marco - does that mean that your rent goes towards the down payment? Again, how much worse off would you be? You're renting - so nothing goes to down payment as it is. If it goes up, you're in like Flint, if it goes down, are you really any worse off than you would be anyway?
another friendly helpful comment:
columbiacounty
how do you expect anyone to answer this intelligently without numbers?
The other question is what's the rent premium built in for the optionality of buying at a later date? i.e. how much more are you paying for that rent (versus comparable rents) and how valuable is that to you?
Instead of renting a unit and throwing your payments to the landlord, having it accumulate in escrow towards your down payment seems to be a pretty savvy decision, that is if the units price per square foot seems fair to the consumer!
hi hfscomm1
hi alamefart
hi hfscomm1
Hi hfs