If you are in the market to buy a home, you are probably aware of the advantages home ownership provides (opportunity to build credit, not making someone else rich, tax shelter, appreciation, security, etc). If you are actively seeking homes for sale on a “Rent to Own” (or Lease to Purchase) agreement, you are either:
- A very smart renter
- Cannot yet purchase a home through conventional means
- Not ready to make a purchase commitment
- A very smart real estate investor
- Any combination of the above
Here are some features and benefits for the tenant/buyer:
Rent money is working towards the purchase: Every month a portion of your rental payment (typically $100-$500 or more) is credited towards your down payment or off of the sales price.
Increased buying power: When you buy a Rent to Own home, you can get into your future home immediately. Compare that to a typical bank or lender who requires 5-30% down plus closing costs and prepaids.
Credit problems okay: Because you will be renting your new home for a few years, you have time to work on improving your credit. If needed we will work with you and a credit counsellor to make sure you qualify at the end of the rental period.
No lengthy mortgage approvals: You will need to qualify for a mortgage at the end of the term, not at the beginning.
No taxes, less liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced.
Faster move in time: You can typically take possession of the home in a week or less, instead of conventional move in times of one to three months after your purchase offer is accepted.
Peace of mind: You will have full control of the home and can maintain or improve it however you wish (upon written consent). As opposed to conventional renting, it will be treated as if you were the owner as soon as you move in.
If you wish to contact us to make an appointment or for general inquiries, please feel free to call us at (403) 465-2288 or use the contact form below. We look forward to talking to you.