It’s because the rent to own option can be the only option for some looking to buy a home but it can also be an easy way for landlords to squeeze money out of people.
Here we will walk you through everything you need to know before signing a rent to own home contract, how to get the best deal and how to not get screwed.
Rent to own, also called lease option, is a special contract between a renter and the property owner that gives the renter the right to buy the house at a certain time and for a certain price.
What is Rent to Own?
Rent to own homes can be a good deal for buyers but I’ve rarely seen a lease option that was better than just getting a mortgage for the house.
Is Rent to Own Better than a Mortgage?
How Much Does it Cost to Rent to Own a House?
If the costs of a buy to own home are too high, you might decide it would be better to just pay rent for a couple of years, save up for a down payment and buy when you can.
How to Find Lease Purchase Home
Look for homes for sale on the real estate platforms like Zillow, Trulia and Realtor. These sites will have some homes listed as buy to rent option, but you can also approach traditional sellers.