Should I rent to own or keep renting
Hi guys,
I need your advices, I can’t decide on my own.
I‘m renting an apartment 2 bed 1 bath for $360/week, the owner about to sell it so it suppose to increase after lease (next 6 months) - I live in NT.
I have a chance to buy a land which is 70km away from the town, 45km to the nearest city, no bore (they tried once but it’s a dry bore), no electricity (I will need to put the electricity pole on my own) -$225k.
They will do vendor finance, $500/week for 3 years and after 3 years bank will jump in and lend me the rest to buy it, $500/weeks will be deduct straight to $225k.
I have my partner, 1 kid (2 years old boy) so would put a container on the land and start surviving.
Should I move forward with the land?
What do I need to considering for this kind of decision?