In buying a lease option property, certain steps should be taken into consideration, such as
(A). Determine if a lease option is a good option for you. Lease options can be useful home-buying tools, but they’re not for everybody. Ask yourself a few questions before you decide to pursue a lease option in general or before you sign one on a particular house.
1) Do I have funds to purchase the house?
2) Is the location suitability for me?
3) Is there a possibility of securing finances at the end of the lease term
4) Can I afford the monthly payments on the lease?
5) Will I be able to make the monthly payments on the home and meet other expenses of ownership?
(B). Find a house you want to buy.
(C). Get a home inspection.
(D). Discuss the lease option with the owner.
(E). Negotiate the terms of the lease option.
(F). Pay an option fee and sign the contract.
(G). Check on your insurance needs.
(H). Make monthly payments.
(I). Make improvements on the home.
(J). Apply for a loan to buy the home.
(K). Close on the home.