Should I consider a lease option (as buyer)
Lease options have been around for decades and have gained popularity recently due to banks being very selective as to making loans. When you are looking for a Weston home to purchase you will find that some owners will offer a lease option as a way to do so.
The basics of a lease option are that you will have the option of purchasing the home at close to market value.
The lease that you should pay will also be commensurate with current market rents in the Weston area for homes that are being offered for lease. When you find a home where the owner will entertain a lease option or lease purchase, they will generally want to receive from you a fee that will be applied towards the purchase of the house if you exercise you option to purchase at the end of the lease term. Additionally, you should ask for a portion of the lease payment also be credited toward the purchase.
The big advantage to finding a home you like that is being offered in this manner is that you can live in the home for a full year (sometimes longer) to make certain you like it as well as the neighborhood and school system. You also will be freezing the price at today’s values and hopefully, they will once again start to appreciate.
Be aware that if for any reason you choose not to exercise your option that in almost all cases you will not be entitled to a refund of the option fee you have paid or any rent credits you may have negotiated.
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