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Renting your home on a rent to own lease means upon signing your lease you have the purchase price of the house at completion of the terms included in the lease. This indicates the owner of the house cannot raise the price of the house while contracted in the lease. It also allows you to be the only person with the option to buy the house, which means no competition from other buyers.
Renting to own gives you the added time to improve your credit score to help you purchase the house you've always wanted. While in your lease agreement you can work with a credit repair company to get your credit score up to buy the house at the conclusion of your lease.
With rent to own a portion of your rent paid during your lease is put towards the purchase price of the house at the completion of the lease agreement. For example, if your lease is $1,500 per month and $500 of that is designated as a rent to own option credit you will have $6,000 at the end of your 12 month lease to put towards the purchase of the home. This gives buyers an opportunity to accumulate a down payment while living in the house they may purchase.