Many Zillow users have asked whether rent-to-own is a good idea. Here’s what others had to say about this type of agreement.

Is rent to own a good option?

“Rent-to-own homes are a great option for those who want to own a home but simply can’t afford the mortgage. Some of them are scams, but a lot of them are not and actually present a very viable alternative to homeownership. But with as much research that’s required when buying a home outright, you can expect to double, if not triple, that amount of research when looking into a rent-to-own option. This is the only way to make sure that you can pay your rent now, and that you’ll have a mortgage to pay in the future.” -Zillow user kennethhardy123 on 11/20/16

“It is not always a scam, you just have to be very careful. It is not for people thinking to get into a big home on a low budget. But if you just need a little time to push the score to where it needs to be or sit out the last few months before you are eligible again, then a rent-to-own can work.

I had a client who was waiting to be eligible for a mortgage again after bankruptcy. He found a property he really liked and did a rent to-own. He worked with a local lender so the seller felt comfortable. The contract was drawn for the term of up to one year, and the rent amount covered the owner’s mortgage. After 8 months the client qualified, the deposit was applied to the loan and the house was closed.” -real estate agent Dagmar Rogers on 12/6/16

Where can you find local listings with a rent-to-own option?

“Look for your local REI (Real Estate Investor) Group, they have chapters in all 50 states and usually many members who specialize in rent-to-own.” -Zillow user garypryde on 2/19/17

“Contact a local real estate agent and tell them you’d like to purchase a home under a Lease Purchase agreement. Most sellers do require a substantial down payment (around 10-20%) for the option, but that is always negotiable. Then, you negotiate the terms of how much are you going to pay each month, how long you’re going to rent and when are you going to buy out the loan.” -real estate agent Deborah Sharp on 12/20/16