We're looking to rent a house soon, and while we're not ready to buy for a few different reasons, if the right house came along we'd love to lock it down. We don't have any reason to think we'd be leaving the area we'd be renting in any time soon. A lease option seems like a better option (haha) than rent-to-own because you are not obligated to buy, but a portion of your rent can still go towards the price of the home. You have the first right of refusal and you can lock in the price of the home, which is attractive because home values in the area we are looking in are only going up. However, if you end up not buying, you are out the price you paid for the option (not sure what is typical for this) and all your rent, of course.

Has anyone done this or does anyone know anything about this?