we are moving, our credit isnt good enough to get a mortgage, but we found a house on a lease to own deal. Basically we will pay $650 a month for 50 months and then we will own it. We have a legit contract, notarized, etc. The house is not in great condition, but the owner is paying for some of the supplies. He bought the paint and the hardwood floors for downstairs, we are paying for the carpet in the master bedroom and the tile in the kitchen, that was the deal. We are also paying a couple friends to help with the work, and the owner of the house is giving us one month free in exchange for our labor. My SIL thinks this is a bad idea to spend our own money on a house we dont own yet. I dont see a problem with it since we are going to own it in 4 years. Its a really good deal in my opinion. What do you think about it?
yes, the house is actually that cheap, it was assessed at $28,000 so I'm actually paying a bit more than it's worth. I live in a small town, homes are cheap here.