Advantages of Rent to Own Homes In Durham Region
Many Canadians hope to one day own a home of their very own, and have a piece of real estate that can be their family home as well as act as a sound investment to help gradually build wealth. However, many Canadians may not necessarily have the credit necessary to satisfy stringent lending criteria required by conventional lenders, nor do they have the adequate funds necessary to use as a down payment for a home – which usually runs about 20% of the home price.
So are these Canadians doomed to rent forever? Thanks to programs like Tenant 2 Buyer Solutions rent to own homes, this doesn’t have to be the case! With an effective rent to own program, a hopeful home buyer can essentially move into the home of their dreams, and a portion of the “rent” paid every month actually goes to toward building equity in the home, helping them to gradually work their way up to home ownership! By paying their rent on time each month, they can also help rebuild their credit.
What Are the Benefits to a Rent to Own Program?
◾The advantages in finding rent to own homes in Durham are numerous:
◾Get the opportunity to eventually own a home that wouldn’t be possible under current mortgage regulations
◾Turn some of your rent into an investment
◾Prepare yourself for home ownership by living in the home you will be buying
◾Have the time necessary to slowly rebuild and repair bad credit
◾Build equity in the home through your monthly payments and any appreciation of the home value
◾Avoid having to come up with a large lump sum of money for a traditional down payment – usually only 5% is required for rent to own.
Have the opportunity to lock into an agreed upon purchase price that may actually be less than the market value of the home at the end of the agreement, thus profiting from appreciation
Have the freedom and flexibility to walk away from the home without having to purchase it at the end of the contract term.
For those who may not be able to secure a mortgage the conventional way, a rent to own program provides the perfect opportunity to still makes the dream of home ownership a reality for many Canadians.