A rent-to-own home, or lease-purchase agreement, might seem like the perfect solution for the can’t-quite-get-there homebuyer. Maybe your credit needs a few touch-ups, or you don’t have a down payment in the bank yet. A lease-purchase agreement can get you in a home of your own while you sort out the buying details, right?
Yes — but nobody says it will be easy.
First, it’s not a financial slam dunk. You’ll likely pay a lot more upfront, and on top of your rent, you’ll pay a rent premium fee — an additional amount that’s applied to the potential purchase.
Read Full Article: Nerdwallet