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Rent to own experience?

What's everyones perception on rent to own? What's good and what bad? Is it worth it? This is Ontario Canada.

History:

We ended up renting a house on 3/4 acre that was supposed to be torn down so the real estate agent(owner) could rebuild new.

This past summer an archeological dig happened. A few months later the owner texts me and says he isn't going to tear down the house. But he is going to build a house on the partial side of the lot.

This house is definitely a tear down. It's liveable though but too small for my family of 6 as it's two and a quarter bedroom with one bathroom. The basement could be liveable with a bedroom if remodaled but it's kind of a dungeon. The electrical panel is still the glass screw in type so it's extremely out of date. It does have a forced air furnace with air conditioning so that won't have to be replaced any time soon. Water heater is good but I was going to replace it even as a tenant they aren't crazy expensive(for me).

Being at this place was supposed to be temporary because of the owners intentions but we don't want to uproot the kids again.

After giving the owner a house update indicating what needs to be addressed/fixed. Which he is fixing right away. He's been really good with that. He talked to me about renting to own the place. Now this is a guy who is building multiple properties and knows investments and all that so for him to just offer to unload something like that seems fishy.

Did the archeological dig come up with something? Is there some nefarious issue why he wants to unload this property or have I just have a run of luck and this will be good for us?

I'm thinking even if I don't tear the house down and own it. Maybe in the future the land itself would be worth more and I'll be ahead. This will probably be my only way into the real estate market considering my generation is fcked for own anything.

I'd like some advice from the community. Have I struck some luck in life or should I keep renting until he unloads it on someone else?

submitted by /u/R0ughHab1tz
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1q89puy/rent_to_own_experience/
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