There is an alternative to simply buying a home: a rent-to-own agreement, in which you rent a home for a certain amount of time, with the option to buy it before the lease expires. Rent-to-own agreements consist of two parts: a standard lease agreement and an option to buy.

Rent-to-buy or rent-to-own agreements are made between a rentor and the owner of the property. These are not simple agreements and if offered, YOU NEED TO CHECK ALL THE DETAILS CAREFULLY.

• A rent-to-own agreement is a deal in which you commit to renting a property for a specific period of time, with the option of buying it before the lease runs out.
   
• Rent-to-own agreements include a standard lease agreement and also an option to buy the property at a later time.
   
• Lease-option contracts give you the right to buy the home when the lease expires, while lease-purchase contracts require you to buy it.
   
• You pay rent throughout the lease, and in some cases, a percentage of the payment is applied to the purchase price.
   
• With some rent-to-own contracts, you may have to maintain the property and pay for repairs.

BE CAREFUL WITH THIS TYPE OF AGREEMENT - YOU NEED TO CHECK ALL THE DETAILS CAREFULLY!