Do you want to buy a new home, but cannot pay the entire price for the house you want all in one sitting? Are you a hundred percent sure that this is the house you want to live in for a long time? When use make use of a lease purchase or lease option agreement, you will be able to pay for your house using monthly installments.
More often than not, people interchange the two words. But there is actually a significant difference between the two agreements. When you undergo a lease purchase agreement with you the homeowner of the house you are buying, then you are obliged to buy the house after the leasing period.
On the other hand, if agree on a lease option, you don’t have to purchase the house after the leasing period ends. However, you can do so if you wish. When undergoing either agreement, a part of the monthly rental fee which serves as a down payment for the house. At the end of the leasing period this down payment will be deducted from the total selling price of the house, so you need to pay less.
If ever you have made a lease option agreement and you decide not to buy the house, then the down payment will not be returned to you. This is why it is better to ensure that you can pay for the house at the end of your lease period. After all, why would you rent the house using either method if you had no intention of buying it?
Since you want to pay for the whole selling fee of the house after one or two years, you need to ensure that you have enough money to do so by that time. Now is the best chance you have to buy the home of your dreams.
Just make a lease purchase agreement with the person selling that house.
Check out this site for more information http://leasepurchaseblog.vox.com/
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