Rent-to-own can be a wonderful option for both buyer and seller. While a prospective buyer is getting his/her finances in order, a seller can feel reassured about a prospective homeowner taking care of the property. Buyers get the extra time they need to save and lock in the price of their desired home. If the buyer walks away at the end of the lease, the seller has the added premium and the down payment as compensation for the delay in selling.

Rent-to-Own is an excellent alternative for those who want to buy but are either working to improve their credit score or don’t have enough of a down payment saved for the home. For those who are ready to make one last move into a home, but are not yet prepared for a mortgage, rent-to-own can be a great alternative. With this option, a portion of the rent goes toward the purchase price of the home, allowing the prospective buyer to work toward the needed down payment while already living in the home as a tenant. For those who need to work on their credit score, this option is a great way to get into the home, pay bills on time, and increase their score to qualify for a mortgage.