Owning a home is a goal that many Canadians have, and will probably the biggest investment they will ever make. Purchasing property takes a good deal of money, as well as the ability to get approved for a mortgage in order to finance the home. Unfortunately, for many Canadians, coming up with a large lump sum of money for a down payment, or having good enough credit to get approved for a mortgage proves to be a problem. In these situations, there is the option of a rent to own home program where homebuyer hopefuls can move into a property which eventually will become their own. In addition, rent to own duplex Montreal and Quebec is another option where rent can be collected from the other unit in the duplex to help go towards paying off the property and building equity.
How Does Rent to Own Work?
With Muxaro, potential buyers will enter into a contract after they are pre-approved. The applicant is pre-approved for a certain amount based on the down payment, credit report, income, etc. They can shop for a home in that priced range and the experts at Muxaro check it for structural soundness and market value. The applicant gets to move into the property and pay a monthly lease for a specific length of time before the contract expires. During this time, the lessee will pay monthly rent payments on time, with a portion that will go towards the equity of the home. The lessee needs to be aware that the home needs to be treated as a rental property during this specified period, which means no major work or damage can be done to the property, but cosmetic upgrades can be done. Monthly payments must be made on time to help improve their credit score. At the end of the contract, the buyer will have the option to buy the home at a previously agreed upon price, so even if home prices have increased, they get to buy the home at the set price. Any additional increase can count towards equity.
Why Choose a Rent to Own Program?
There are many advantages to participating in a rent to own program, especially with a duplex. First of all, it gives Canadians with poor credit and little funds the chance to realize their dream of one day owning property. You will have the opportunity and time to build income and equity in the home, while repairing their credit history at the same time. The other unit in the duplex will also be generating income through rent paid by the renter.
Many times the previously agreed upon purchase price of the duplex is often lower than the current market value of the property, which means that money has already been made on this property with the added value and equity – building equity before you even own it.
Become a homeowner by participating in a rent to own duplex Montreal program today. Call the professionals at Muxaro at (514) 225-6706 and realize your dreams of becoming a homeowner!