14 Steps to Lease Purchase Your Home - Visit for more at
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Have you found your dream home yet? Are you ready to make a purchase but your credit score or savings aren’t quite ready yet? A Lease Purchase approach may be a suitable option to help you move into your dream home while you still can.
What is a Lease Purchase Option?
A lease Purchase refers to a property you can buy through a lease-purchase agreement. With this type of option, you agree with the seller to rent their property for a specific time frame before fully gaining ownership. This time frame generally ranges from several months to years depending on the specifics of the contract in place.
These lease purchase deals are commonly seen in low performing real estate markets where it's hard for property owners to sell their properties outright. However, they lose appeal in seller’s markets, where it is easier to sell a home. Generally, sellers would go for a lease-purchase option when they have no choice left. When there may be other options on the table, why take on the increased risk associated with a lease-purchase agreement? This may include the tenant not qualified for a mortgage at the end of the lease period or may trash the property and leave the owner in mess.
If you’re looking to improve your credit before getting a mortgage, read through these steps to lease purchase a home.
