SHOULD YOU CONSIDER A RENT-TO-OWN HOME IN TORONTO?
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Written by Corben Grant on March 24th, 2022 and seen on www.cnaadianrealestatemagazine.ca
ith home prices in the Toronto real estate market continuing to rise, many people have been looking at alternative ways to reach their homeownership goals. There are many new and creative ways people have found to make their dream of homeownership a reality.
There is one option, that has been around for a long time and can still be viable for buyers – that is buying with a rent-to-own agreement. With a rent-to-own program, potential buyers can easily turn their existing rent payment into a down payment for a home. While making a rent-to-own program work for you is entirely possible, it will depend on your particular circumstances and needs. This article will go over how rent-to-own programs work and whether or not you should use one in the City of Toronto.
Why consider a rent-to-own agreement? A rent-to-own home purchase has a few benefits over a traditional home purchase. For one, if you do not already own a home, there is a good chance that you are renting the space you live in. Rent-toown allows you to continue renting while saving a portion of your monthly payment to go towards a home purchase. In this way, your savings become part of your monthly expenses and you are forcing yourself to save, which can benefit those who have bad spending habits.
Rent-to-own is also appealing if you love where you rent and would like to keep living there with the added benefit of property ownership. If your landlord offers it, you can make the space you rent truly your own. Rent-to-own can also be an excellent option to get into the market. When it comes time to buy, you already know which property you are buying and you don’t need to go through the effort of a competitive housing market. You also have the benefit of knowing exactly how much the purchase will cost,
