There are plenty of ways to get into a home or apartment. Most people think of buying outright, or they rent because they don’t have the credit or down payment to purchase – or they may not want to own a home. Another choice is to lease with option to buy. Many people overlook this, and not that many homeowners will offer it, but it can be a great way to determine whether you really want to buy a home while you’re working to build up your credit and/or a down payment. When you lease with option to buy, you basically rent for a while, but some of your payments often go toward purchasing the home.
Some lease with option contracts don’t work that way, and you’re just renting but you have the right to purchase the home at a later date for a specified amount. The money you pay while you’re renting/leasing doesn’t count toward the purchase, though. Make sure you ask about that if you’re considering a lease with option contract, and read everything thoroughly. If you’re still not sure, get a lawyer to help you so that you don’t make a mistake or agree to something that you’re not comfortable with.
Overall, lease with option contracts can work very well for certain people. They can be hard to find, but they’re out there. Sometimes, asking about a lease with option can help you get into one. Maybe the seller of the home never considered it before you came along. It’s always best to know what all of your options are when it comes to buying or selling a house, or getting into the real estate market in some other way. Then you’ll know that you’re making the right decision for your particular situation.