For many people, “leasing” is something they do on an apartment, or on their car. They never think that it’s an option for a home - or that they’ll be able to find a “lease-to-own” option on a home as a way to achieve home ownership. Those people obviously haven’t read this article, because understanding all you need to know about leasing can be a great “foot in the door” toward home ownership or even simply having a house that you lease on your terms. So how does one go about a proper home leasing? What are the common pitfalls to avoid? Let’s take a look in this quick guide to home leasing. First, let’s ask a simple question: why would leasing be a good option for people? Isn’t it a simple rent vs. own argument - an argument that still rages on in the real estate world? Well, consider “leasing” to be almost a “subcategory” of both renting and owning a home. You can lease a home and it might feel like renting. Or you can lease a home as a path to ownership, eventually buying it from the person you leased the home from. Leasing is essentially a tool you can use to achieve a goal in home ownership - and what happens depends on your individual goals. Exercise a “lease-to-buy” option will mean that you enter in an agreement with the home’s owner - you’ll lease the house for a certain period of time, and at the end of the lease, you can have the option to buy the home. Many people do this to “try out” certain homes or at least to achieve house living while trying out a neighborhood or particular city. Typically, when you enter a “lease-to-buy” agreement, you will have the power at the end of the agreement because you get to choose whether or not you want to buy the property. The owner will not be able to turn down your buying offer at an agreed-upon price. Leasing a home simply for the purpose of leasing it can also be a very viable - and convenient - option. When you don’t own the home you live in, you’re not responsible for its maintenance. It’s like renting in that you can expect ownership to take care of around-the-house problems like plumbing, cable, and electricity. You’re not responsible for those things because you’re not the home owner. You also won’t be responsible for property taxes because you don’t own the property; this is a major advantage when it comes to be tax time. Leases also typically give you more options and flexibility. If you have to move out of your home for a new job, you can simply end the lease or let it expire - if you own a home in similar circumstances, you have to make sure that the thing will actually be sold. It’s a lot of work, just as owning a home and maintaining it can be a lot of work. Is leasing for you? Out of all these leasing options and steps to home ownership, one in particular might appeal to you: don’t be afraid to explore those options!