But if uncertainty about an area is one concern, your credit won't allow you to buy today, and there's a wide range of properties available for lease-option, then it can make sense.
Hope that helps.
My colleagues below have given you great responses to your question. I agree with every one of them but I'll also add that lease options are not really done much in this area. The reason being that it's not often in this market that we find an owner who will entertain a lease option.
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL
A right of first refusal simply allows you to have the first right to say yes or no if/when the owner decides to sell the property you are leasing. It does not bind either of you at the time of the lease to a purchase. My question to you is why would you want to commit yourself to any house if you don't know for sure where you want to live? I advise you to rent first, decide where you want to live and make sure you are qualified to buy before you commit to a purchase.Good luck.
It's not hard to find a good area with a few internet searches.
I say buy now while rates and home prices at this low.
If you'll get a great deal on a home, if your credit is good you'll get an awesome rate, and take advantage of interest write off savings too!
see 100% and 97% programs with NO PMI and NO FHA MIP of 1.75% and no monthly FHA MI payment at: http://www.pro-option.com