An option consideration is a percentage of the purchase price of the home, usually between 10%. It is a non-refundable payment but, is 100% credited toward the purchase price of the home. This option consideration is used to bind the Rent to Own option contract. You will have to come up with the option consideration deposit as well as the first and last month’s rent to be considered for a rent to own program.
Purchase price: $300,000
Option Deposit: $30,000
** Assumed 2 year plan, numbers may vary depending on plan length, personal credit status, income and, property location.