Rent to own was initially seen in the United States and it is a term used for the real estate when the property or a space is given for use to another person. It is one of the ways to get some monthly or weekly income from the property you invested in. Those who trade in real estate buy and sell spaces at a higher cost to gain profit but if you want to gain income over months till you have it, giving it for rent to own is a great option.
This is done over an agreement between the person who own and who is going to take that property on lease. This may include an option for the lessee to buy it after sometime by giving the remaining the lump sum or continue to pay the monthly usage fee for lifetime. The renter however takes the uses the property, furniture, and other appliances in the home in that pre-decided fee only. Some home owners also take a non-refundable amount as apart of the rent agreement. This acts as a security towards the rent paid every month and also the space occupied. At many places this is also returned when the lese decides to leave the rented place. The term of the agreement can be shortened or extended by the lessee.
rent to own homes currently favor those who wish to buy a home in the long run. However, this option may force them to pay more than what they should pay for buying the space. But with fewer funds you can check out the rent to own options easily as you go to the real estate agencies. You can opt for a space for which you can easily take out the fee from your salary and stay well with your spouse and kids.