Benefits

Lease Options (rent-to-own) often lock in the price of the home at the onset of the contract, however, with many Lease Options you have the right to purchase the property by a certain date, but are not obligated to do so.

With current forecasts of growing home values it`s not surprising to see Lease Options gaining favor today.

Benefits of Lease Option for the Tenant/Buyer

Minimum cash may be required up front. Buyers with credit problems will benefit from this purchase method, since sellers may finance you. The method affords you time to repair less-than-stellar credit before you purchase, using a mortgage loan you acquire yourself.
You have faster equity growth than if you were just renting, and faster than with conventional financing. Some of your rental or option money is working for you towards the purchase. You may have a lower down payment at closing since you will have option money or rental credits to apply. By the time you purchase, prices may have appreciated beyond your locked-in price, giving you additional equity.
Your home buying power is increased, as you now have the ability to purchase using alternative methods.

A lease purchase gives you sufficient time to check out all the features and faults of the house. You have time to check out the neighborhood.

With a lease purchase, you skip paying closing costs, traditional down payment and other fees normally found in a purchase using conventional mortgages.

While you are leasing, you have no taxes or property insurance to pay. Major repairs are normally the owner`s responsibility until you buy the house.

MN Home Rental has single family homes/townhomes available for rent or lease option in many locations. Also, MN Home Rental can work with a tenant/buyer to find the home of their dreams in the location of their choice and rent or lease option the home back to them.