Ridgewood home File photo
Rent-to-own a ceative option for some
Sunday, January 13, 2013
BY JENNIFER V. HUGHES
SPECIAL TO THE RECORD
The Record
When Michael DaSilva was looking for a new place to live, he considered renting another apartment or buying a condo.
Now he’s doing a little bit of both.
DaSilva is living in a one-bedroom apartment at The M at Englewood South, and half of his monthly rent goes into an escrow account that has been accruing since he moved in last July. After a year, he will have the option to buy the place, using those escrow funds as a down payment and keeping a price that he locked in six months ago.
“The real estate market is kind of unpredictable right now,” said DaSilva, 26, who works in Manhattan. “The ability to be able to lock in a price on a property I liked made sense.”
DaSilva said he enjoys the condo development’s luxury features, and he’s pretty confident that he’s made a good bet and that real estate prices are appreciating.
“I think the real estate market is going in the right direction,” he said. “It’s a rental market right now, but I think that will be saturated in the next two or three years, and the condo market will be stable, if not rising.”
https://www.northjersey.com/realestate/186659451_Rent-to-own_a_ceative_option_for_some.html