How the Rent to Own Program Works

Initial Process:

  • Get pre qualified for the program

  • Shop for the right house with one of our professionals

  • We make an offer and work together with you to do all due diligence on the house including an inspection

  • From start to finish, it takes on average 4-6 weeks to have you moved in!

  • The house must NOT be in need of any major repairs as our goal is to set you up to succeed! However, our program does permit you to make upgrades to the property during the Rent to Own (RTO) term!

The Numbers:
    1. How much of a down payment do you need?

    • Minimum down payment requirement is typically 5% of the purchase price (depending on market).

    2. How much will your monthly payments be?

    • Depends on the following: credit history, total amount required for down payment at the end of the RTO term, purchase price of home, and fair market rent. On average monthly payments are about 10-40% higher than fair market rent because of the down payment savings portion.

    • During the program you build a minimum down payment of 10% (including an initial down payment).

    • We will work with your budget to make sure the numbers make sense and that we are once again setting you up to be successful!

    3. What is the purchase price that you buy the house at the end of the RTO?

    • At the end of the term the sale price, which is agreed upon at the beginning, will be approximately appreciated at 5% (depending on market) per annum.

    • If the house appraises higher when it comes time for you to buy... well then even better for you!

    Your Responsibilities:

    • What agreements do you sign?

    RTO Contracts:

    • Option to purchase agreement outlining a pre-agreed upon purchase price in 2 to 3 yrs and the amount of savings (including initial option consideration) going towards the total down payment at end of RTO term.

    • Residential Tenancy Agreement (Standard Form of Lease) if property is in the province of Ontario.

    Your Responsibilities:

    • On time monthly payments

    • Tenants insurance

    • Utilities and upkeep of house repairs/maintenance

    • Dedication and commitment to follow RTO plan

    • Lastly enjoy your new home

    Our Responsibilities:

    • Municipal taxes

    • House insurance

    • Provide you with a solid plan to help you become a successful homeowner

    In conclusion:

    • Our RTO program has an average timeframe of 2-3 years, during which our team coaches you in rebuilding/establishing credit and advising which debts need to be paid off. If you are self-employed, we may also advise on how to show more income in the business or personally (if applicable). With your hard work and our help, at the end of the program the house is yours!