Apartments for Cheap

Questions and Answers

Your Questions About House Rent To Own

June 17, 2013

Mary asks…

My boyfriend and I are looking at a rent to own house valued at 234,000?

Do you think rent to own is a good or bad thing? We really want to make sure we’re doing the right thing. My boyfriend knows the guy that is selling the house and actually use to live next door to it. But we still want to make sure we don’t end up screwed. Any advice before we speak to a lawyer?

Thanks!

Administrator answers:

Make sure the paperwork states that it’s rent to own! It’s too easy for things to mess up here.

Charles asks…

Advice? short sale my house and live in rent to own house?

I don’t think I can afford to pay mortgage and my bills any longer. My interest is too high and with mortgage and bills, I’m paying over $8080 monthly not including spending money. My husband just started self employed and we both make about $9000 a month together and hardly have money left over. my question is that I wonder if I can short sell my house and than maybe look for those rent to own house and hopefully own a home again and don’t fall into those high interest rate. Is that rent to own home really work? any advice?

Administrator answers:

You make alot of money..

I live so simply, that I can not even think of how one could spend over 8000 a month. Can i suggest that you need to down size practically everything? Your problem is not what you are earning its what you are spending.
If I may suggest, make a daily list and receipts for everything you buy. And, see where your money is going…you shouldnt be asking this question in my opinion based upon what your monthly income is. Usually this question is asked from someone who is much less fortunate than yourself.

Ken asks…

Do I have to pay tax if I let a relative live in a house I own RENT FREE?

I have a quarter share in a house we bought for a retired relative to live in RENT FREE for the rest of their lives. I just need to know whats the best way to keep it cheap.

Should I be concerned about tax if they live RENT FREE?
Could we charge a minimal rent and they claim Benefits to pay it?

Administrator answers:

No, there is no tax if you let it rent free. However, you ought to give the relative a lease at a very small rent – say £1 per year – because othrewise you might find that after 12 years they can claim “squatters rights” and they become owner, not you.

Lisa asks…

What is the House loan interest ceiling for IT deduction if the own house is given on rent?Is it above 1.5 lac

A person has taken housing loan from bank. He is not residing in the new house due to business relocation and gave his new house on rent. Can he avail the interest benefit for IT deduction more than 1.5 lac if he shows the rent collected as income. Kindly clarify

Administrator answers:

The Limit of 1.5 lakh is only for the self occupied house otherwise on rented house or deemed to be rented house you can claim Interest without any LiMit

Thanks

William asks…

What ages is suitable to rent my own house?

I’m 20, graduate uni. next year, Living with parents, want to know is what ages is good to rent and paying everything on your own

Administrator answers:

After you graduate. I’m 22 and renting a house right now. It’s a bitch on the pocket but it has its perks :)

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