We all need a place to call home. It is especially sweet when that home is our own. With the rise in real estate sales in Alberta for many people the dream of owning their own home is now a pipe dream. Investing in real estate with a lease to purchase option may be their only chance for home ownership.

The biggest drawback for those who want to buy their first home is usually the lack of a down payment. They can rent for years without being able to save that much needed amount to buy even a modest property. With the lease program you would have the option to live in the home you want to buy until you have built up the down payment in equity. That may be through rent paid monthly to the property owner to pay down the mortgage or you may have the option to put in sweat equity in working on home renovations at no charge.

There are as many different ways to structure this option to buy a property as there are people interested in trying to do it. There is no right or wrong way but rather the key is finding a lease option that works for the parties involved in a real estate transaction. Payment can come in the form of rent to buy, working on the property or inviting the owner to dinner once a week! Ultimately the lease option to buy a home is a viable one for those short on cash up front but with a dream to own their own home.

Rhonda Hoffman