Yes, you have read it right, Rent to own homes Toronto allows you to have a home, where you can reside, with a little initial investment and does not involve a mortgage transaction. In Toronto, rent to own homes has always been in demand as rent to own homes offer the best opportunity to own a house at a low cost. Rent to own homes is unique because they do not burden you with the ownership of the house. In the beginning, you have to make an agreement with the lender or the lessor, in which all the terms and agreements of your lease would be laid down. Initially, you have to make a down payment, followed by a few periodic fixed payments. The ownership of the house is transferred to you only on the payment of your last instalment. And in this way, you can own the house of your choice.
The following are the wide benefits rent to own homes Toronto offers:
Less Initial Investment Required
The initial cash you require in a rent to own homes Toronto deal is only the down payment. The down payment is generally 20% or less of the market price of the property in Toronto- this is a huge benefit for home seekers with low finance available.
You Can Move In Immediately After The Transaction Is Made
As soon as the rent to own home deal is made, you can move into the property and reside. It is unique because you are not burdened with the ownership till the last lease payment and till then you can get to know how suitable the house is to you and your lifestyle.
Easier To End The Rent To Own Homes Toronto Deal
To end a rent to own home deal in Toronto, you only have to give your lessor a notice in advance of the period specified in the agreement and then you can move out of the house without any strings attached and also with no further payment.
No Trouble Related To Market Price Fluctuations Of House In Toronto
Since the price agreed upon in the agreement is final, you do not have to look after the market price fluctuations of the house any further. Market price fluctuations play a big role in the mortgage scenario and not in rent to own homes deal.