How Does a Lease-to-Own Home Work?
Rental A lease-to-own home allows the interested party to inhabit the home and pay monthly rent with the opportunity to buy at the end of the lease. During the rental period, the landlord forfeits the ability to sell the home to anyone but the current tenant. Also, during the rental period, the tenant has the ability to get a feeling for the neighborhood and understand any issues with the house before making a decision to buy. General maintenance or damages made by natural disaster will be the landlords responsibility during the rental period. If a tenant does decide to buy, maintenance will then be the responsibility of the tenant. Every lease is different, so be aware that this is just a general outline of a possible lease-to-own agreement. Rent Payments Typically, in a lease-to-own option, the rent is higher than market rent. For instance, a house that typically rents for $1,200 a month may have a rate of $1,500 in a lease-to-own option. The extra $300 will be set aside by the landl
