If you want to own your own home but your savings are not enough, then you can try the option of lease purchase homes. Also called 'rent-to-own' homes, this option allows you to lease a property for a particular period of time, after which you have the option of buying your dream home. It's an agreement wherein techniques of sales and paying rent for living in a real estate property are used in combination. In case you have a bad credit, this option can be a face saver, as it not only allows you to purchase a home later on, but it also helps you improve your credit score, and in turn also helps you to apply for a home loan. Lease Purchase Home Prices Prices of lease purchase homes depends on the place where you live. In the recent past, there are places where property rates have gone northwards, so it's very difficult to predict the kind of price you may need to pay. However, there are a few things that you can look for, and see whether the price you may need to pay is worth it. If the property is well maintained (which means the lawn and the garden), the interiors are painted and if no repair is required, then it may be worth paying more. Nevertheless, if that's not the case, then you can consider paying less. You also need to consider the capital gain tax that you will have to pay the government, while buying or selling a property. If the property is near to a school or the market, then you can expect to pay more as rent. Lease Purchase Agreement When you think of buying lease purchase apartments, there are several things to keep in mind. The price at which the house would be sold, depends on the market rates at that point of time. However, you can still negotiate the price just like you may do while taking a house on rent. Mostly, the buyers have a good idea of the market rates as they have taken a look at a number of properties, before zeroing on one. Moreover, as per the lease to own agreement, the buyer and seller signs a contract, wherein the buyer-tenant accepts that he would buy the property at the end of the contract. While penning down a lease purchase agreement, as a buyer, you can negotiate a longer period of paying rent instead of a short one. Usually the period when the prospective buyer pays rent is between 12 to 36 months, after which he buys the property and this period is called the option period. Negotiating this period gives you more time to repair credit and build equity. However, a long period can be counter productive, in case you don't buy the home. That's because every agreement of lease option would require you to pay option fee, besides paying an additional amount of money as rent premium. This additional money you pay goes towards the down payment which you will need to pay to the bank while applying for a mortgage, if you don't opt for this option. At the end of the option period if you don't buy the house, you will lose the money you have been paying, besides you'll also lose the fees that you paid. Lease Purchase Homes Listings There are several real estate agents which specialize in lease purchase homes, so you can go through one of them. Moreover, you can search for such homes on the internet, but while going for this option make sure that you check their reputation. Other than that, you can also check in the newspapers in the real estate listing section about such an option. So, all in all, lease purchase homes is one of the best options which you have. if you want to buy a home, but do not have the cash required. While penning down the agreement, make sure that you negotiate hard and get the best deal for yourself.