A lease option (aka rent-to-own) is an agreement that lets you rent a property now with the right to purchase it later—typically within 1 to 3 years. Think of it as a test-drive for homeownership, with the ability to lock in today’s price while you rent.

You’ll typically pay:

🔹 Option Fee (1%–5%) – Upfront payment giving you the exclusive right to buy the property later. This fee is usually non-refundable.

🔹 Monthly Rent – Sometimes with a portion credited toward your future down payment.