How Rent to Own Works

Have you been wanting to make the transition between tenant and homeowner but the bank said, no?

Do you currently pay a minimum of $1350 a month in rent (+utilities) and have a steady income?

Do you currently have a minimum down payment of $7500 to put towards your new home?

Do you want to choose your own home rather than settle for one?

 

Welcome Home Property Solutions can work with you to become a homeowner today!

Yes, Today!


How does Rent-to-Own Work?

 

In a typical home purchase, most buyers don’t have the money to pay cash, therefore a mortgage is usually used to finance the purchase: The buyer puts down a certain percentage of the purchase price (the down payment), then pays the lender in regular installments over a period of time until the balance is paid off in full.

To qualify for a mortgage, however, potential buyers need to have a good credit score and cash for a down payment. Without these, purchasing a home in the traditional way may not be an option.  In a rent-to-own agreement, a tenant-buyer put down a "purchase option" deposit; usually less than the traditional 5% required by the bank and makes a monthly payment.

A portion of the rent is a credit towards the future down payment. The end purchase price is determined at the time of signing.

Who is the Rent-to-Own Process typically geared towards?

Welcome Home’s Rent-to-Own home ownership plan is geared to buyers who have good income but no credit history, good income but poor credit, small business owners, self-employed, new to Canada, lacking a down payment large enough or those with previous bankruptcies or consumer proposals.

We’ve worked with people from all background and helped them achieve the goal of homeownership. We can work with you and with a little hard work we can help you be one of our successful future homeowners!

Who is the Rent-to-Own Process typically geared towards?

The main benefit is putting you in your own home quicker.  With traditional rent, your rent goes in the landlords pocket and you have nothing to show for at the end of your lease.  With a rent-to-own home, a portion of your rent goes toward the eventual down payment on your home.

The benefit of working with Welcome Home Property Solutions is that we can get you you’re your new house today as opposed to down the road and you get to pick your own house and we approve you directly, so you don’t have to qualify with a lender. We also don’t require that big 20% down payment – usually between 3-5% is enough to get started, TODAY!

You don’t need to have a spotless credit history – with our team of credit specialists; we will help you rebuild your credit. The major advantage to the program is that at the end of the three year term you know what your end purchase price will be. If the market appreciates more than that amount you still pay the price we agreed to – GUARANTEED!

 

What seperates Welcome Home Property Solutions from other Rent-to-Own companies?

Welcome Home Property Solutions is a family run business that offers a unique approach that focusses on YOU (the tenant/buyer) and YOUR needs.

Most rent-to-own companies focus on finding a property first and then advertising it to potential tenants.  We work with qualified tenant/buyers and help them find a house that suits their needs.This approach revolves around YOU and not the needs of real estate investors and their limited inventory.

Once qualified you get to pick the house that meets your needs – that’s right, you get to shop on MLS just like any other home buyer would and have access to Welcome Home Property Solutions team of skilled Realtors to ensure you find the right house in the right neighbourhood.

 

 

The Welcome Home Rent-to-Own Advantage

 

There are numerous advantages of rent-to-own homes compared to traditional lease concept. But the biggest benefit is we say ‘Yes’ to our clients when the banks have refused their application. The prime advantages of this program include:

  • Significantly lower down payments
  • Monthly option credits help build equity
  • Get time to repair credit score
  • Safeguard against home price inflation
  • Avoid High Closing Costs