Rent a High Desert Home or Apartment

Home buyers who can’t really afford a home yet should consider a rental home in the high desert. A rental agreement is a great way of finding the right home before you decide to buy a new home. Read on and learn more about the home lease option and if it’s right for you or not.

WS Realty and Optimum Property Management do not offer a Rent To Own program, but have a large selection of apartments and single family homes for rent or lease.

What is a rent to own or lease-option agreement?

A lease-option agreement is both a lease that allows you to occupy the home and an option that allows you to purchase the home in the future at an agreed-upon price.

A typical lease-option agreement requires you to pay a large down payment and a somewhat higher monthly rent for the home.

A formal contract is a must

A lease-option agreement should be formalized in a written contract that specifies the monthly rent, the amount of rent that will be credited to the down payment, the sales price and the expiration date of the option.

Lease-option isn’t an obligation to buy

A lease-option doesn’t obligate you to purchase the home; rather, it is simply an opportunity to do so with the advantages of a known purchase price and a rent credit toward the down payment.

Who pays taxes, insurance, repairs?

The owner is responsible for property taxes, insurance, and repairs and maintenance of the property during the lease-option term. Likewise, the owner, not you, would suffer a loss if the property were damaged or destroyed by a natural disaster that occurred during your lease-option term. If you decided to exercise your option to purchase the property at the end of the lease-option term, you will then be responsible for the taxes, insurance, and repairs related to the home.