Rent to Own FAQ


Rent to Own Homes


Who is eligible to do a rent to own home agreement? A: Generally, people who do rent to own agreements are unable to qualify for a traditional mortgage due to bad credit, self-employment, a small down payment, or fear of buying their first home.

 

What are the benefits of your rent to own homes program?

A: With Sandstone Management’s rent to own homes program, you get to choose your home in the area you want to live in. You need less money down and can get started right away. We help you build your down payment and improve your credit as you go through your ‘homeowner in training’ lease portion. Your rent payments will be within your budget and will not increase during your rental period. The home price is pre-set when you begin the program, so you benefit from any market value increases above the set price. You could earn equity before you even buy the home!

 

How do I know your company is reputable?

A: Sandstone Management is highly regarded as one of the premiere rent to own home companies in Ontario. We have helped many homeowners in training transition into becoming home owners, improving their credit and building their financial security. We are a Canadian owned, ethical company with some of the leading experts in real estate helping our clients become homeowners.

 

I was turned down by the banks because I do not have a large enough down payment.  Won’t I get turned down for this as well?
A: You do not need the traditional 20%+ down payment to qualify for a rent to own.  You will, however, need a small deposit.  You will build your down payment each month as you pay your rent.


I have bad credit and can’t get a mortgage.  Can I qualify for rent to own?
A: We work with many clients that have no credit, bruised credit or past judgments.  Will do a financial pre-qualification and can work with you over the lease period to help you improve your credit to qualify for a good mortgage interest rate when it comes time to purchase the home.

 

We got turned down by the banks for a mortgage.  How could we qualify for your program?
A: We work with private investors looking to invest in real estate and make a good return, but also help others become homeowners.  Our lending criteria are different than the banks.

 

We heard this was an alternative for first time home buyers.  How is renting to own better?
A: We help you avoid first time homebuyer mistakes by walking you through the process.  Our team of real estate experts will help you choose a home that you can afford, qualify it for value and structural soundness, and help you transition into homeownership over the rental period.

See our current rentals and rent to own home listings.


 

Frequently Asked Questions

rent to own real estate in Ontario

 


Do you only do rent to own homes in Ontario?

A: We will consider properties in Ontario, Alberta, Saskatchewan, Manitoba and British Columbia.

 

Do I have to choose from your current rental properties?

A: No!  When you are pre-approved for our program, you will know how much you can afford to spend on a home.  We will work with you to find the perfect home in your area of choice.

 

I currently rent.  How is rent to own different?
With our program, you basically enter into 2 agreements:  one is a lease agreement and the other is an agreement to purchase.  The lease agreement will be a set amount of rent each month that will not increase during the lease period.  A portion of that rent will go towards your down payment when it is time to buy your home at the pre-agreed price.

 

How long is the lease period?
A: That depends on you, the client.  Typically, the lease will be 2 -4 years.  We have to look at your financial situation and how long it will take to accumulate your down payment and improve your credit.

 

What additional expenses will I have besides the rent each month?
A: In addition to your rent payment (a combination of rent and savings for your down payment you will be responsible for your own utilities and renter’s insurance on your possessions.  The taxes and home insurance are covered when you rent, but become your responsibility as a home owner.

 

 

How can I begin?
A: Call Sandstone Management or fill in our contact form.  We will go through the process with you and look at your finances.  Once you are pre-qualified, you can begin your search for a home!

 

What documents will I need?
A: We will need basic financial documents including proof of income, a credit report, proof of deposit, references, etc.  You will also need a strong desire to become a home owner and start on your road to financial security.