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Why rent to own a home in kitchener

Why Rent to Own a Home in Kitchener

So you’re looking for a Kitchener rent to own home but you aren’t totally sure of the benefits of rent to own, whether it can meet your real estate needs, and why you can’t seem to find any rent to own opportunities in the area. This article will explain a few of the benefits.

The most obvious advantage is that it saves you a lot of money! Think about it…when you rent to own a home you don’t pay any mortgage insurance, land transfer tax, real estate commissions, surveys, inspections, bank fees, loan origination fees, or lawyers fees. All of that typically adds up to a good $10,000 on the average Kitchener home, yikes! Who wants to pay all of that if you can help it? And you can. But the savings don’t stop there. Most home owners require little or no money down on a rent to own contract. Basically they look at it like a regular lease agreement so they’ll look for just the usual first and last.

The second biggest reason to rent to own a home in the Kitchener Waterloo area is that part of your payment goes toward buying the home. The percentage can vary from nothing all the way up to 100% but normally it’s around 25%. Just think, instead of throwing away say $1,200 every month you could have $300 of that going toward owning your new home, but only if you rent to own instead of just lease.

The third top reason is that setting up a rent to own sale is much faster than a traditional sale. With no brokers, lawyers or bankers getting in the way and slowing things down you can often move into your new home within days of first talking to the owner.

The fourth…and I should point out that these are in no particular order, you might consider this the most important point!…in the Kitchener area we’ve been blessed with a stable healthy real estate market for decades. Prices rise fairly steadily and rarely drop by much. So when you rent to own just like with a traditional purchase you lock in today’s price. That means as prices increase YOU benefit instead of your landlord!

There you have it…4 great reasons why a Kitchener rent to own purchase would be a good move for you! I know these deals don’t exactly grow on trees so in another article I’ll talk more about how to find your own rent to own home.

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