The rent-to-own model of home ownership has been in the news lately! In the recent throne speech, the focus of Prime Minister Trudeau’s government was on the cost of living. The cost of living keeps getting higher, and it is harder than ever for ordinary Canadians to make ends meet. A key theme was the shortage of affordable housing, and the government pledged to further promote the rent-to-own model as a solution.
At Your Pathway to Own™, we specialize in rent to own as a pathway to home ownership because we believe in this model. It helps ordinary Canadians facing challenges to home ownership. Not only because the prices of homes have been rising in recent years, but also because mortgage lending rules can make it hard for many to obtain a conventional mortgage. Do you have a less-than-perfect credit score? Are you a first-time home buyer, self-employed, or a new business owner? Are you recently divorced or widowed? Perhaps you need some time to get back on your feet after a financial setback. Rent to own may be the perfect way for you to become a home owner!
The Benefits!
Choose your own home. With rent to own, you get to choose the home you want. With a real estate agent specializing in rent-to-own transactions, you’ll have access to a wide variety of homes to choose from within your price range.
Time. If you dream of becoming a home owner but you’re facing short-term difficulties to qualify for a mortgage, you don’t have to compromise. With the rent-to-own model, you can move into your home today and have the time you need to build up your credit score, save up for your final deposit, and qualify for a mortgage.
Fixed future purchase price. When you enter into a rent-to-own agreement, the purchase price of the home is locked in for the entire term. This gives you a fixed goal to work towards during the rental period.
Protection from rent increases. Not only is the future purchase price fixed, but you also have fixed rent payments during the lease period. Not having to worry about unexpected rental increases lets you focus on your goal of home ownership.
Pet friendly. We know just how important our furry friends are to you! As a renter, finding a landlord that allows you to have a pet is not easy. With rent to own, the landlord is more likely to allow pets because you will purchase the home in the end. We ensure that our rent-to-own program is pet-friendly.
For more information on how rent to own works and how you can make your dream of home ownership a reality, please take a look around our website. If you have any questions, check out our Frequently Asked Questions page or get in touch by going to our Contact page by completing our Contact form.