How to Rent to Own Your Home in Australia August 29, 2013 Rent to own your home is similar to renting, but the benefit is a part of your weekly payment goes into home ownership. With the increasing price rise in the real estate market, "Rent to Own" has become an excellent alternative for many people. It is currently the preferred method for the majority of buyers who want to venture into home ownership and keep away from rental ruts. With this method, you can purchase the property anytime within the signed period. The cost of the property is constant until the consented period ends. Usually, with "Rent to Own Your Home", you can renovate your home as long as the job is carried out by certified trade people and the work is not structural. However, you need to consult with the owner before starting the process. If the Option Fee installment or rent is not paid in within a period of 14 days, the tenant is defaulted just like a normal renting situation. More so, if the payment is still not paid by the next payment due time, the seller can choose to end the Deed of Option depending on the Residential Tenancy Agreement conditions.