Is lease with option to buy a good opportunity for becoming homeowner?

Question

Is lease with option to buy a good opportunity for becoming homeowner?

Answer 1

It depends on the deal you work out.

Is some portion of your rent applied to the purchase?

If so, is the rent higher because of this?

(you would lose this money if you don't buy)

Is the purchase price agreed upon in the lease?

(It absolutely should be)

There are more considerations...but these would be the deal maker/or breaker

Answer 2

I would assume not. When you are leasing a home, you are giving money monthly to live there. When you buy a home with a mortgage, your monthly payments are going toward the mortgage of the house, getting closer to you actually owning it. If you can't afford the mortgage payments of that house, consider buying a cheaper house to live in for the time being. You will have reasonable monthly payments, lowering the principle left over, and when you finally have enough money to pay off the mortgage payments on a more expensive house, selling the house that you have been paying off will give you the money that you had put into that principle back.

I apologize if you knew all that.

R.J. (US)