Steps for Rent to Own
Lease Purchase Homes
3 Easy Steps To Home Ownership
Step 1 – Finding your dream home.
Search for your favourite home online and with the support of our local real estate experts. Through our prequalification program, you can narrow your search to homes that are perfectly suited to you.
Not every house makes a good lease purchase home.
We work with you to make sure the house you choose is free from major defects or flaws. We negotiate the price based on real estate market expertise, to insure the investment is sound. We then purchase the home for you.
Our option agreement enables you to purchase the house at the end of the lease period. The length of the rental period is set, as is the price of the home at lease end. A standard rental agreement usually requires a minimum of 1 month’s rent in advance, but offers no option to purchase or ability to build equity. Even if the price of real estate greatly increases during the rental period, the agreed-upon price for your home will not change.
You can secure the option agreement for approximately 4 months rent. This means you do not require a traditional down payment of up to 25% to move in to your dream home now.
Step 2 – Living in your dream home.
You take possession and move into your dream home as soon as it closes. You simply pay your rent on-time and in-full every month. Our credit experts will work with you to re-establish your credit record to help you qualify for preferred mortgage rates at the end of the agreement. You can decorate and invest in your home, knowing it will be yours to keep.
Step 3 – Buying your dream home.
At the end of the agreement term, you can buy your home at the pre-determined price. You have built up equity and can benefit from the appreciation and the improvements done to the home. You now make mortgage payments instead of rent payments!
“We are so grateful to Elizabeth at Sandstone Management for helping us become homeowners. The house is great, WE LOVE IT SOOO MUCH!!! This means a lot to us. Our daughter loves her new backyard and freedom.”
Michelle and Nathan