5 Reasons to prefer Rent-to-Own in Toronto
From financial point of view, living in a home on rent is often compared to buying. Buying allows you to own the property once and for all, but instead choosing a home rent-to-own (RTO) or lease-purchase schemes have their own advantages as discussed below:
- Rent-to-own is better than simply “Rent”
In typical rent methods for homes, the rent money which is paid to the landlord is more like compensation to you for residing in the property. You can’t make out anything of that money except for the house rent.
But in case of rent-to-own, every single penny you pay for earns you the ownership in the form of house rent. That’s why rent to own a Toronto home or Mississauga Real Estate property is a smart idea instead of just renting it.
- Small or No Down Payment
In Toronto Rent-to-Own schemes, you may have to pay a diminutive down-payment i.e. 3% of purchase cost to lock your option to buy at the beginning.
- No Credit required
For rent-to-own, Toronto / Mississauga Real Estate Company you don’t have to contract with proficient property-owners so it is unlikely that you may go through a credit check. In order to get your credit restored you can contact reliable Real Estate advisors or if have a few dips on your credit report that’s still fine as rent-to-own does not require bank qualifying so you’ll still be able to get your dream home.
- Helps in Getting Settled
Qualifying for a mortgage can be challenging for new immigrants. Rent-to-own lets the first time buyers and new Canadians to step into the on the property pathway and helps them to buy home more easily.
- Flexible Duration and other Options
Compared to other services, Rent to Own home is relatively shorter in duration. Rent-To-Own allows you to change your decision and walk away from the property towards the end of your rent term, you can decide whether you want to make the purchase or not.
For any queries, help and further details about financing Rent to Own in Toronto and Mississauga. Call us at 1 (888) 920-2820 – Tamburello Realty.