It's essential to note that qualifying for a mortgage is a prerequisite for purchasing the property after saving your deposit. Additionally, if the landlord opts to sell the property while you're a tenant, you are typically given the first opportunity to buy. However, it's important to be aware that the property's market value at the time of sale may have appreciated since your initial move-in date.

A lease option agreement is a property contract that grants you the authority to assume control of a property and derive benefits from it. This agreement also includes the option to buy the property at a pre-established price now for the future. To participate in this arrangement, you commit to paying a monthly lease fee to the property owner, in addition to an initial upfront payment for the contract.

A rent-to-own agreement provides a valuable opportunity for prospective homeowners who may not be financially prepared to make an immediate purchase. This arrangement enables you to work on your financial readiness, enhance your credit rating, and accumulate savings for a down payment, all while securing the property you aspire to own in the future.

As previously stated, the landlord receives a consistent rent for a long duration and is relieved of responsibilities such as tenant acquisition and property management. In addition, the rent-to-renter takes care of maintenance matters and ensures compliance with regulations.