So you want to buy a home, but your credit isn’t good or you think you can’t afford the down payment. If renting is affordable, and buying isn’t, how can you ever hope to buy a home? A third.
When people think about buying a home, a real estate agent might come to mind. Offers are made, paperwork is signed and a down payment is paid. But for those who have bad credit or are low on cash,
Housing is expensive but worth the anxiety say the four in 10 Canadians who have felt house poor in the past or are currently experiencing the pain of spending 30 to 40 per cent of their household.
We offer lease purchase (rent to own) properties only – no straight rent. All properties will require 3%-10% down and that is credited against your purchase price. You then pay a monthly lease.
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When the market is saturated with homes for sale, rent-to-own solves several problems for both the buyer and the seller. Rent-to-own is a contract to buy, but the closing date has been extended a year.
Before you agree to rent to own a home, you and the seller must discuss the specific terms of your leasing contract. As part of your discussion, you must find out if the seller will require you to purchase the property in the future, or whether you can rent the home for a certain amount of time with the option to purchase it after the leasing period ends.
Benefits of lease-to-own agreements: Qualify with poor credit and no down payment. Build equity in a property you hope to buy. Experiment with a home or neighborhood. Since most lease-to-own agreements offer. Lock in a price on a home before taking out a mortgage. Enjoy pride of ownership..
Rent-to-own arrangements can help those who are building credit or saving for a down payment become homeowners. But they’re not always a good idea. Be cautious if you're considering a rent-to-own transaction.
A lease-to-own house purchase (also "rent-to-own purchase" or "lease purchase") is a lease combined with an option to purchase the property within a specified period, usually 3 years or less, at an agreed-upon price.