So my parents have been looking at houses and they are really serious about buying a house in the country. Because elf this, they are talking about setting up a rent to own deal with Ashley, my brother and me. Basically all we will be doing is giving them payments and paying like electricity and water and that shit. Idk why I'm posting this but I'm kind of excited cause I know my bro won't be living with me for long cause of his job so basically Ashley and I will have a house that is in pretty good shape as let's face it, I've called it "a house you can grow old and die in." so I know this seems stupid but I'm pretty excited about it

Piece of advice from someone in the situation of co-owning a house with a sibling. Make sure the house goes in your name so if your bro or Ashley end up down the road leave you are protected from them demanding there share. I know it's family but a contract outlining any obligations would not be a bad idea.

Oh trust me, it's going to be in my name since I've been living here longer than he has and his job might be making him move somewhere. Ashley and I agreed that nothing is going to be in both of our names until marriage just in case I turn into an asshole.

in case you turn into an asshole...... when werent you?
much love and kisses ♥ D

youre the nicest otaku i know :p

Sounds like a win win.I would get some kind of paper work from my parents also saying the payments were for ownership and not rental.Maybe even get a contract,i trust no one.And make sure they have you as beneficiary in case they croke or you get behind in the payments and figure lead is cheaper.

Yah the one good? thing about when my ex bailed on me is that I modelled my mortgage around only my income and it was in my name only.

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How much money does you parents have left to pay off the house? Because if it's over $100k then you are going to get screwed. Rent to Own means you are paying more then if you were to just rent the house out right, if you decide to leave the house still isn't yours and they get to keep the extra money that you payed them for it. I know someone who has done Rent to Own 3 times and the people never follow through and always leave before they can finish paying off the house, which in most cases it takes 7-10 years to pay off the house entirely.

So basically you are paying them to finish off their mortgage, if you can't follow through they get to keep the house. It won't be in your name until you finish off the payments.

Edit: Also most rent-to-own cases the owner doesn't have to fix anything within the house, which is why they charge an extreme amount over the actual rent cost just in case you don't follow through and F*CK up everything.

Don't listen to Kano.

Now is a great time to buy a house. There is record low mortgage rates right now, like just above 3%.

Hopefully your parents is paid off, or at least not under water...

No the house is like paid off... so basically I am buying it form them and they have enough disposible income to like... let me take my time...

Well then you got it made hito. My parents have 3 houses right now and i stayed in one in St. Louis for a couple months (free of charge) and threw huge parties all the time.

Supereffect is right and make sure you get something in writing.

Few ticks of advice, besides what the other people are saying. Think about getting the house inspected. A good inspection only runs around 100 bucks. Check out the utility bills, what do they run?

Check out the SEER rating of the AC unit, if it's below a 13, you really should think about upgrading to something higher. I suggest going 16+ SEER rating, the unit will pay for itself in about 2 years on the savings from your electric bill. Getting a personal loan or refinancing a vehicle will usually buy a new unit. They're around $5,000-$7500 depending on the tonnage.

Make sure that bitch doesn't have any water leaks and that your windows and doors are sealed up tight. If the house has single pane windows, you're going to hate them. The suck so bad and increase your electric bill a ton. They leak. They F*CKING suck. Doors are a little easier, just get some stripping and seal em up.

Check the attic area to make sure that it has good insulation. If that's low, blown in insulation is fairly cheap and you'll get the machine rental free if you buy enough from Lowes.

Get your roof checked to make sure that it doesn't need to be replaced. Shit gets high, $2,500 + depending on the size.

Last, if you're renting to own, make sure you get some good renters insurance unless that bitch burns down and you lose all your shit. You want the cost of the objects in the house plus around $20k to help you get into a new house if something horrible happens.

... Way to make me feel even more nervous about this coach... shit... and we just roof replaced just as a little note

He could have gone into a lot more detail than he already did. But it shouldn't make you nervous. Just better prepared.

Also, I deal with home inspectors a lot. Make sure to do some research on the inspectors. Those guys are so F*CKING lazy. If he says he's going to inspect the crawl space, make sure he gets his fat ass in there. Not just stick his head in. Major structural/health issues can result from crawl space damage.

But in the end, if you're on a good note with your folks you have it a little easier than most. Just get shit in writing and invest in things that will save in the long run. Like Coach said, HVAC systems can be a major money waster/saver. Just depends on the system and it's age. If it's oil, don't hesitate to get rid of it.

House upkeep is not cheap! My sister and I are dropping $20,000 on our roof the moment we get our inheritance. After that we are dropping another $10,000 on a furnace & air conditioner replacement. We still have to reno the upstairs bathroom and basement with another estimate of about $25,000. A house is not cheap at all but if you look at it in the long haul it's an investment. Our house was bought for $220,000 and now the neighborhood sells for $500,000 plus so it can be worth it.