Lease To Own Property
If you have less than perfect credit, then the words “lease to own property” might be music to your ears. Buying a home is impossible in today’s market if you do not have good credit, but renting is always an option. The only problem with renting is that you throw away your money, month after month, paying for a property that you will never own.
What if you could continue renting, but have the option to buy your home at the end of a set period of time? That is how a lease to own property works. You rent, or lease, the property for a specific period of time, such as one or two years. Each month, a portion of your rent goes toward the down payment on your home. At the end of your lease, there is a lump sum of money already saved up as the down payment required to buy the home.
You are never obligated to purchase the home when your lease ends on a lease to own property. If you change your mind, you can walk away and owe nothing—but if you want to take advantage of all the rent you paid the previous months, then you can finally own your own home! Not only will your credit situation change in one to two years, but you will also have a substantial down payment to place on the home to convince lenders of your creditworthiness.