If today's real estate market has you wondering if it is the right time to buy a home, you are not alone. Many people who currently do not own a home are contemplating this same idea. Along those same lines, many people are also concerned with the stability of their jobs. Everything seems to be at risk these days with no clear picture of what the future holds.

For anyone who is renting and would like to own a home, this may be a good time for you to seek a lease to own option. Considering the over saturated real estate market that is just swimming with available homes and many desperate sellers, this could be the perfect time to move towards owning the house of your dreams.

What is a lease to own option? Basically, it is a rental lease with the option to buy the home within a specified period of time. There are many advantages to the lease with option to buy scenario.

First of all, the potential purchase price is set at the same time of the lease. Therefore, if a lease is signed now when the purchase prices are down, that is the same price that you will pay for the home when the lease ends and you can take advantage of your option to buy. If home prices go up within that time, you still pay the price that was agreed upon when you signed the lease option.

The lease with option to buy contract can be negotiated and most definitely should be. The negotiations should benefit both buyer and seller. The lease is set for a specified period of time which usually runs between one to three years. During the lease period, the potential buyer pays rent to the seller. Negotiations should include how much of the rent will be used towards the down payment on the home. The cost of maintenance and repairs can also be included in the lease agreement.

The lease with option to buy is a great alternative to those who cannot get financing right away. Be aware that there is a drawback. In the event that they do not take the option to buy, you lose any of the money that was being put towards the down payment.

Therefore, it is wise to check all of your options when wanting to purchase a home. A lease option can be a good alternative if you are not yet ready to purchase or possibly need to improve your credit in order to obtain a regular mortgage.