We do have properties that we manage that are available for lease/purchase. We wanted to provide some additional information for those that are interested in that option:
The monthly payment for lease/purchase properties is the same as the rental amount. Each property has a specific purchase price, and a portion of your monthly rental payment is credited towards the purchase of the house. Each property has a specific minimum down payment amount, and the amount credited towards the purchase of the house will vary depending on your down payment amount. The down payment will act as your damage deposit, and is therefore refundable if you choose not to purchase the house. If you’re interested in making a large down payment (in excess of 10% of the purchase price) you’d be eligible to have a lower monthly payment, and/or larger amount credited towards the purchase from your monthly payment, please contact the property manager for more information.
Each property that is available for lease/purchase has a “calculator” at the bottom of the listing page that you can use to determine how much of the rental payment would be credited towards the purchase of the house.
The intention of lease/purchase is to give you time to get your credit improved to the point where you can get qualified for a normal mortgage, which is generally a much cheaper way to pay for a house than “rent to own”. There is no time limit on how long you can rent the home from us, and you will continue to accrue credit towards the purchase of the house each month you pay rent. However please keep in mind that many property owners may not be willing to renew your lease forever, so qualifying for a mortgage should be your primary focus rather than accumulating rental credit towards the purchase.