What is the meaning of rent-to-own?

It allows you to rent a property and at the end of the lease period buy the house at a pre-set amount. Ideal candidates for such an arrangement are potential home buyers who cannot afford to buy the house under the prevailing circumstances. Since they like the home and would want to own it, they can agree to rent it for a while as they work on their finances and then buy it later.

As a renter, you should exercise caution during the process. There are several stipulations within a contract, so understand all the lease options.