My landlord asked me if we'd like to buy the house and apparently has asked his other tenants too.
There are many pros and cons for us to consider such as the central location and pervasive plumbing problems. Financially though, is this a good idea? He wants us to make a down payment and by my calculation we would pay it off in around eight years at the current rate. Of course I'd love to own, but if we move before the house is paid off with this type of deal, doesn't he keep our down payment and all the monthly payments/rent since? We build no equity, do we? I'm excited and somewhat cynical at the same time - my uncle was burned (well, nearly. long story.) on a rent to own home that was nearly paid off. What would change besides me making (another) big deposit and becoming responsible for repairs?
All advice would be appreciated, particularly from landlords and anybody that has had good or bad rent to own experiences.