Rent to Own Houses in Ottawa Ontario Canada

http://www.Rent2OwnCanada.ca

Our mission is to help families achieve home ownership via affordable rent-to-own programs in Ottawa Ontario Canada.

While surfing on the internet for houses to purchase or rent, you may have come across a few ads that advertise "Rent-2-Own" properties, but what does it truly mean?

How does Rent to Own Homes Work?

Rent to Own is also often referenced as "lease to buy" or "rent to buy". I receive many calls on this question simply because it sounds like an easy way to buy a home.

Many people think they will rent a home and all of the rental money will go towards their down payment, closing expenses and in a year they'll own their own home. They're usually disappointed when they realize that's not how it actually works.

How "Rent to Own" really works:

The tenant is purchasing the right to buy the home at a later date for a pre-determined cost.

They provide a down payment that is generally between $10,000 -- $15,000. Monthly payments are established, but will likely be greater than the marketplace rent. The reason why is because a portion of the monthly rent goes towards the "Option to Purchase". For example, in the event you pay $1,800 per month and the market rent is $1,500, then $300 will go towards your down payment that will be applied to the purchase price, if you exercise your "Option to Purchase".
We work with you upfront to determine how long of a term you'll need in order to qualify on your own. Our "Rent-2-Own" clients typically need 24-48 months.

Next, the tenant signs a contract with "Rent 2 Own Canada" that is similar to a normal lease, but contains an "Option to Purchase" clause that explains what happens if you decide not exercise your "Option to Purchase" at the end of the term.

Pros & Cons

The purchase price is determined in advance based on conservative appreciation. The upside for the renter is that you simply lock in your cost and it remains locked in until the end of the term.

If the real estate market takes off, your price remains at the lower cost. We can not try to renegotiate the terms. "Rent-2-Own" is an opportunity for the renter to establish some credit history throughout the rental term, which makes getting a loan easier.

"Rent-2-Own" might be an extremely beneficial method to transition into owning your own home. If you are looking for a "Rent-2-Own" program in Canada we may be able to help, apply here.

Some Things to be Aware of

With most companies, if the buyer finds the house or neighborhood undesirable after living there for awhile, they have no choice but to buy it or lose their downpayment and monthly rent credits. One thing that sets "Rent 2 Own Canada" apart from other rent-to-own companies is we have something called our "Exchange Program" which we created to make sure you are 100% satisfied with your investment. If you are not happy with your home we will allow you to exchange it for another, but there may be some new terms. Ultimately, we want to make it a win-win and are here to make sure you're happy with your decision.

Rent 2 Own Canada
1655 Montreal Rd
Ottawa
Ontario
K1J 6N6
Canada
(613) 751-2808

http://www.Rent2OwnCanada.ca

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