Renter’s Advice and Resources

Renter’s Advice and Resources

What is a Lease Purchase Option?

aptsherpa

 · Oct 11, 2006

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A lease option gives would-be buyers the chance to purchase a home, apartment, or condo space after renting it for a certain amount of time. There’s usually an extra fee paid at the beginning of the lease term that will allow you to enter into the lease-purchase option. Lease-purchase options are sometimes offered when the housing market is slow, in part to entice people who may not otherwise be interested in or capable of purchasing a home. Depending on your situation in life and your home-owning aspirations, a lease-purchase option may be appropriate for you. Some of the pros and cons of the lease-purchase concept are covered below. Some agreements put part of your rental payments toward the purchase price; others might only give you first option to buy if the owner decides to sell the property. Keep in mind that the situation will vary with individual contracts and agreements, so make sure you understand the full terms of the deal before signing anything.

You’ve probably lived in an apartment at some point in your life. Maybe you’re still an apartment-dweller, or maybe you moved on to a house. Regardless of your situation, you’re now wondering if condominium living could be right for you. It’s not just for old people anymore, after all—new homeowners are considering condominiums for affordability, just as individuals at retirement age are considering them to downsize from a home to a more manageable property. Read on for some facts about condo that may ultimately affect your decision to sign that condominium contract.

aptsherpa

 · Apr 17, 2006

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Imagine you’re at a friend’s barbeque and everyone’s standing around talking about how much money they made from buying their homes 5 years ago. It’s common to feel pressure to buy a house. Everyone talks about how much their home has appreciated, renting is perceived to be the equivalent of throwing money away, and mortgage companies advertise insanely low rates and no money down mortgages.

aptsherpa

 · Oct 3, 2005

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