Are you not buying now because your finances are not in order? Is your credit too low to qualify for a loan or you don't have enough savings for a down payment and a cushion over and above that?
If yes to any of the above........let me ask you this.
Do you think rent w/ the option to buy means you simply pay rent, and then, if you decide to buy the home at the end of the lease term, ALL your rent money goes towards the purchase??
If that's what you think.............. that's not how it usually works.
in a true lease/option..you will PAY for that "option" to buy (or not) at the end of the lease.
If you do not for ANY reason buy the home, you will lose that option money (usually referred to as an upfront deposit).
You will usually be asked to pay an amount of rent OVER and above the normal rent. That overage will also be forfeited if you do not or cannot buy the home for any reason!
If you DO buy the home (the odds are not in your favor) only that overage will be applied to the purchase - the rest of your rent is just that - rent!.
You stand to lose a lot of money.
If you cannot qualify now for a loan - you better be VERY sure you will qualify at the end of the lease or say goodbye to your money.
Also, the sale price is determined now, not later....do you really want to be held to a sale price for a year or 2 from now?
You have to hope the seller isn't in any kid of financial distress, either............if he defaults on his mortgage, you will have additional problems.
And....most important, you will have an extremely limited number of homes form which to choose.
Most seller who want to, and can, sell now not later.
Do you really want to make the biggest purchase of your life and have only 1 or 2 options?
Be very careful of any rent w/ an option to buy arrangement.
If you decide to explore it further - make sure to have a real estate attorney look over any contract to make sure you have other protections in place.
Rent until you can buy in the normal fashion!
but if your market conditions are improving it doesn't make sense. I first question would be why they need to lease to own and can't do an out right purchase. In these cases a always say "seller beware."
I write contract with standard late fee if payment late all property and improvements reverts back to seller if no payment in thirty days. Buyer pays taxes but seller pays and adds it onto the total due at end of year. Buyer must keep up property and I have clause says seller has right to inspect property once a year to insure upkeep.
I have never had a problem, you just have to know who you are selling to or buying from and don't be a jerk make it fair and considerate to all.