answer:Leasing to own is almost like renting but it’s usually a much longer term. With renting, you sign a retal contract for a specific time and if you don’t like it, at the end of your term, you leave. With leasing, you are usually locked into a longer term and can’t just walk away without sometype of large penalty. Additionally, some of the payment you make each month goes either towards a down payment or towards the coast of the home. The leasing advantage is usually that you can get in for no cash out of pocket. The drawback is you will most likely lose a substantial amount of your “banked” money if you decide to walk away. You may also be responsible for other charges durning your lease to own like taxes, trash and other things. If your outright buying a home, you usually have to come up with sometype of deposit or down payment and at closing, the home is yours. The monthly payments ou make each month go directly into your account to pay for the principal balance, interest and if your bank perfers, taxes and insurance. With all of the financing options in the market today, purchasing a home is the only way to go! Good luck! Lease option sales were popular financing instruments in the late 1970s and early 1980s. They were primarily used as a way to circumvent alienation clauses in mortgages. Proponents claimed the sale was not really a sale because it was a lease; however, courts argued otherwise. Today, options to purchase, lease options and lease purchase agreements are three different financing documents. The variances are state specific and not all states have identical laws. Before entering into an agreement with a seller, buyers should obtain the advice of a real estate lawyer. The information below is an overview and is not meant to be construed as legal advice
http://homebuying.about.com/od/financingadvice/qt/091007_leaseopt.htm What is the difference between a lease-purchase, lease-option and rent-to-own program?
http://atlantahomesforrent.com/html/leap.html Whether a prospective homeowner should buy now, or wait until they can save for a down payment, depends on many factors. These include the expected rate of house appreciation, the difference in interest rate and mortgage insurance between a no-down payment loan and a loan with a down payment, and the buyer’s tax rate. The sub-prime crisis in 2007 shifted these factors toward waiting.
http://www.mtgprofessor.com/A%20—%20Down%20Payment/buy_now_or_save_first.htm