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With the Economy plunging down and showing no signs of quick recovery everyone arescratching their heads to find the smallest ways to save that precious penny. In thisscenario the dream of numerous Americans to own a beautiful home seems a farfetchedidea. But one does not need to lose heart. As the saying goes "Where there is a will thereis a way"Lease-to-Own Homesis the latest buzz in the Real Estate market.Lease-to-Own homes or Rent-to-Own homes is not a new concept. It was somethingwhich always existed but no one felt the need to go for that option since they felt buyinghomes was affordable and convenient. But now with the market crunch, lease-to-ownhomes are the most desirable option to own a house. Many of you must be familiar withthe term "Lease" but may not be clear about the concept of lease-to-own homes.Lease-to-own homes involves a contract in which you can occupy a house as a tenant andhave the option of purchasing that particular house in the future at a price already agreedupon. This simply means that you have the advantage of "trial stay" in the house whichyou would eventually buy and at the same time you need not break your head of gathering lump sum money to purchase the house. You may wonder how this is possible.As per the guidelines of lease-to-own homes, the tenant or buyer needs to pay an "optionamount" to the owner. The owner may use part of this amount towards the down paymentat end of the lease contract period. Apart from this the buyer need to make monthly payment for a fixed duration of the contract period which is usually between 1 to 3yrs.The monthly payment is like rent but the amount will be higher since a portion of thismoney is meant for the down payment required when purchasing the house at the end of the lease period. For example if the owner charges a rent of 1000$ as per the market pricethen he may charge another 200$ extra i.e. you may have to pay 1200$ per monthwherein the additional 200$ goes to the down payment credit. This way you don't havethe burden of arranging the entire selling price of the house at one go. You can always
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