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What is a Rent to Own Home?
A rent to own home is where you lease a home, but you also control the property by having the option to purchase it during your lease period. We cannot market the home for sale, since we are bound by an agreement to sell the home to you at a pre-determined price agreed on before you move in.
Who pays the property taxes and home insurance during the term?
The home owner is responsible for the property taxes and insurance. The amount of the taxes and property insurance are included in the rent price.
I am renting now, how is this different?
This is the best way to help you get started towards BUYING your own home. A portion of your rent payment goes towards your home. In addition your rent stays the same for the duration of your term.
My credit is less than perfect, can you still help me?
Yes, in almost all cases we can.
Can I have my lawyer look at the paperwork?
Absolutely, we prefer you have legal representation look over the paper work however, if you choose not to, that is fine as well.
Can I renovate my home?
Yes. As long as the home owner is contacted prior to any major changes and the work is performed by a qualified trades person. Apart from that we have no problem with it as you are improving the value of your home.
How much credit is given for each monthly payment?
It depends on the rent to own program. Each program is custom designed for the rent to own buyer. Credits typically range from $200 to $400 per month. That works out to between $7,000-$14,000 for a 3 year term!
Who pays for utilities (heat, hydro and water)?
In the rent to own program, you are responsible for paying heat, hydro, water and any other utilities associated with the property including phone, cable and internet.
What happens if I can’t qualify with a lender at the end of the program?
At the end of the rent to own program, if you cannot qualify with a lender, the program can be adjusted and reviewed depending on the circumstances.
Who pays for repairs?
As a future homeowner, you have to experience all aspects of home ownership – including repairs. You are responsible for any minor repairs however, larger issues that exceed $500 such as foundation problems, heating, roof, etc. will be the home owners’ responsibility.
What do I have to sign?
A standard lease agreement and an option to purchase agreement that will be explained in detail by one of our agents during the process of the rent to own program.
What’s required prior to me moving in?
What we normally look for is a recent tax assessment, proof of income and a completed application form for anyone moving in over the age of 18.
How long is the program?
The rent to own term is typically a 3 year term. This gives our credit specialists time to help you restore your credit, this will also lock in your rent price for three years without fluctuation.
How much down payment is required?
Depending on the purchase price of the home, we look for 3% up to a maximum of 5%. If for example the purchase price of the home was $350,000 your down payment would be $10,500.