What is Rent-To-Own?
A Rent-To-Own is a lease agreement to rent a home for a specific period of time. At the end of the lease period, there is an option to purchase the home at a predetermined price.
Who Benefits From Rent-To-Own?
- Business owner or self employed
- Bruised credit history
- Bankruptcy/consumer proposal
- New to the country
- Not enough down-payment for traditional lending
- First time home buyers
- Recently divorced
Benefits of Rent-To-Own
- Allows would-be home buyers to move into a house right away
- Build savings over time
- If you have credit challenges, this will improve your credit
- Rent does not increase during the term
- Experience home ownership prior to purchasing a home
Eligibility
- Annual household income is greater than $85,000
- Canadian resident
- Minimum $10,000 initial deposit
Your Responsibilities
- Make monthly payments on time
- Provide insurance on your possessions (content insurance)
- Pay the utility bills
- Keep up the maintenance of your home
