Help on purchasing a house?
I have an average sized family, about 5 people. We’ve spent countless years renting anything from garages to small houses to live in as my mom could not make much money on her own when we were younger. However, now my older brother and I have started working and finally want to surprise my mother by buying a house together where we can finally live peacefully. Not to mention our family will soon be growing as I am currently pregnant and the father will be moving in as well.
Now you see, we don’t have any experience with buying houses. And I was looking into rent to own homes because we wouldn’t be able to afford paying our rent AND putting money away for another home at the same time. So my main question is for any advice on house buying or Rent to Own houses. Which is a better solution?
I also heard of people putting down payments on homes and living in them as they paid off the house. Is that the same thing as Rent To Own or is that something different?
My mother isn’t a US citizen so she doesn’t have credit here but my older brother has excellent credit I believe. I don’t know much about that stuff but I know it’s important in these things.
After my child, there will be about 7 people in the house, three working so payments can be made on time.
Any advice would really help out here. If it’s any use, I live in Los Angeles, California. (Incase there are different rules depending on state).
Having a baby wasn’t something I planned you know. Besides, I’m looking for answers to my question. Not people pointing things out without having an idea of what really happened.