Things to consider:
-It is similar to renting, but the rent is higher than normal.
-There is an additional non-refundable deposit.
-Once purchased, the non-refundable deposit and a portion of your rent is devoted toward the purchase.
-If you choose not to continue with the purchase, the non-refundable deposit and the high rent is gone.
-It is also possible you may be responsible for all maintenance.
-When the option comes due, make sure you will be able to qualify for the loan.
-If market value lowers while youâ€™re renting, it might mean that the appraisal comes in low, requiring that you pay the difference in cash or walk away from the additional funds you have paid.
Realty One Group