Rent-to-own contracts allow you to rent a home for a certain period with the opportunity to buy at the lease’s end. If you have shaky credit and need time to build it or the housing market is tough, you may consider this an option.
The concept sounds simple, but there are downsides. For one, although many rent-to-own propositions are legitimate, scammers are ready to take your money and leave you without a house. Knowing what you’re entering into gives you the power to protect your finances. Evaluate the pros and cons of a rent-to-own before handing over any money.
