I almost never recommend a lease-to-own. Especially if it is just because you are unsure of what you want to do. If you knew you had a specific reason you could not buy now, such as a need to sell your current home, then it might make sense.
But remember, a Lease-to-Own or Lease-Purchase or Lease-with-Option-to-Purchase, is ONLY a benefit to the seller. Legally as a buyer all you have is a Lease. With a "potential" to purchase in the future.
IT IS MUCH BETTER to just do a LEASE. Then later when you figure out what you want to do, go buy a house where you want to buy, at a price you want to pay.
I hear from buyers saying, "Yes, but the seller is giving me a credit from my rent to my downpayment." To this I say: Seriously? You think they haven't jacked up the price of the house to "give" you downpayment credit?
If you need downpayment money, ASK ME. There are NC programs which give you ZERO percent interest downpayment up to $8000 for a house up to $220,000. PLUS you likely qualify for another $2000 PER YEAR tax credit-- that's a YEARLY TAX CREDIT! Every year you own and live in the home.
So, don't be fooled or think you're not doing the right thing by just leasing/renting a home. You will have more options in the homes available. And later you can find a home for sale, and have many more options on those as well.
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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
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