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| Thread ID: 94072 | 2008-10-13 01:28:00 | Rent to Own a home | never-u-mind (6500) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 711919 | 2008-10-14 06:35:00 | The sad thing is, when you finally own the home the rates will be higher than your original mortgage repayments. Welcome to all the "pleasures" of owning your own home - BUT at the end of the time you own it, not paying out $$$$$$$ to someone else and you end up with nothing to show for it. Sure its hard sometimes but well worth it. We looked at rent to own years ago - NO WAY. The money we saved by getting a mortage is now showing --- only 12.9 more years to go at the current rate and its ours :banana | wainuitech (129) | ||
| 711920 | 2008-10-14 07:09:00 | Rent-To-Own :stare: I shudder every time I hear this. Here is a simple test - why would you sell a house long-term? Answer - because you can't sell it to anyone else at the price you want. So - the house is overpriced or unsaleable in the current market. It can work but you need a clear contract and to know what you are doing. Get legal advice. I wouldn't accept any interest being included. Ie - all payments come right off the price from day one. Also normally the buyer has to pay rates and insurance as well, being a buyer in possession, so that's an added cost. Lots of risks and only worth doing if the price is right and the contract is fair. I should point out this is risky for the seller too - I've seen buyers wreck houses and then take off to Australia. |
Winston001 (3612) | ||
| 711921 | 2008-10-14 07:11:00 | My first home purchase was in Wainui, with a $1000 mortgage that terrified me until it was paid off. | R2x1 (4628) | ||
| 711922 | 2008-10-14 08:58:00 | Welcome to all the "pleasures" of owning your own home - BUT at the end of the time you own it, not paying out $$$$$$$ to someone else and you end up with nothing to show for it. Sure its hard sometimes but well worth it. We looked at rent to own years ago - NO WAY. The money we saved by getting a mortage is now showing --- only 12.9 more years to go at the current rate and its ours :banana At the current rate, in not too long the bank will be worth not much more than your mortgage was when you bought the place... |
Thebananamonkey (7741) | ||
| 711923 | 2008-10-14 19:40:00 | Unfortunately none of this matters as she signed the papers last night and has a moving date of mid November, She did not contact a lawyer and as a family once again we just sadly shake our heads at her and her money dealings. Even her brother in law was willing to help out with a true mortgage but he wanted her to wait 6 months or more so she could look around for a great deal and more stability. Apparently she was told she could sell the house at anytime so she "plans" to sell it before the first 2 years are up before she even goes to the bank. Oh well what can you do ..... :annoyed: I didn't ask what the companies name was ....... doesnt really matter now .... | never-u-mind (6500) | ||
| 711924 | 2008-10-14 20:13:00 | If you name and shame, it gives other people on this forum a warning to be aware. Also I hope she realises the property market is in a downturn and will be flat for the next several years (apparently will be picking up in 2010-2012). And also if she bought it with the intention of selling it, she is liable for capital gains tax by the IRD. It is unfortunate she wasn't given the full story. I too sadly shake my head :( |
utopian201 (6245) | ||
| 711925 | 2008-10-14 20:19:00 | Also I hope she realises the property market is in a downturn and will be flat for the next several years (apparently will be picking up in 2010-2012). And also if she bought it with the intention of selling it, she is liable for capital gains tax by the IRD. It is unfortunate she wasn't given the full story. Last time I looked there wasn't a script that the market followed. Although if you've found one, I'd be more than interested to take a look. I can see my sister doing something like this, you did what you could, now all you have to do is record all you did to help so you can show it to her when she comes for help when it all falls to pieces. |
Thebananamonkey (7741) | ||
| 711926 | 2008-10-14 20:51:00 | Isnt it a repeat on the mid 80's now? Im not sure but Ive heard similar stories from people who work in property. Maybe I should stop drinking the drink with the warm glow. |
rob_on_guitar (4196) | ||
| 711927 | 2008-10-14 21:09:00 | The great depression was said to have started this way, where it just kept getting worse, with brief moments of hope. When people thought they'd hit rock bottom, they found that they weren't even close, and just kept going down. I wouldn't buy a house at the moment, and I wouldn't go into debt either. Mind you, if we're all going to be screwed anyway, what's there to lose? |
Thebananamonkey (7741) | ||
| 711928 | 2008-10-14 23:17:00 | Unfortunately none of this matters as she signed the papers last night and has a moving date of mid November, She did not contact a lawyer matter now .... This is how so many people end up in the poo... |
pctek (84) | ||
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