Rent To Own or Just Find An Apartment?

Question

So I'm a 20 year old business student at Suny Farmingdale on Long Island. I want to move into an apartment with a buddy of mine who is 26 and has very stable income. Is it smarter for us to try and find a home to pay rent on to eventually own? Or should we just get an apartment? I have a full time job, and I am also going to have student loans paying for my off campus housing. Regardless of if I should search for an apartment, or a house to rent to own, what is the best way to go about doing this?

Cory Binsfield · Answer

Rent. Way cheaper and rent to own is simply a lease with an option to buy. By renting you avoid taxes, insurance and maintenance. Most rent to own sellers are desperate and want to transfer their problems to you. The hardest ship to sail is a partnership.

Xing Zhu · Answer

Rent to own is not a good idea in your situation.

Michael B. · Answer

It may sound like a good idea now, but it probably won't later.

You guys will in all likelihood diverge in interests over the next few years. Don't get caught up in a partnership that both regret later on.

You can usually get an apartment cheaper than a house/condo with a lease option. Don't make long term commitments that you'll regret later. Go for cheap and concentrate on your studies.

Andrea M. · Answer

My suggestion would be to rent for 1 year as roommates to see if you both mesh well regarding paying bills, cleanliness, habits and things like that, since you really don't know someone until you live with them . If all works out after a year..then you may want to move forward with the rent to own option.

Joel Owens · Answer

First I would make sure the student loan you have there will be a career that is in demand when you graduate.

Many have amassed tens of thousands or more in student loan debt and you can't get rid of I through bankruptcy. What's worse than getting out of school and only getting hired to flip burgers?? Flipping burgers and having tons of student debt in training for a field you can't get hired in !

I would think the apartment would be better. It depends on how much rent and requirements for renting the house and if you really need that extra space.

Rent To Own or Just Find An Apartment?

5 Replies