Rent-to-Own:
Your Path to
Homeownership
Begins Here!
Looking for a place to call your own? Tired of renting without building equity? We have the perfect solution for you! ImHomeowner offers an exclusive Rent-to-Own program, where you can turn your rental payments into an investment towards owning your dream home. Take control of your future and start building equity today!
What is Rent to Own
Rent-to-own, is a contractual agreement where a tenant-buyer has the option to rent a property for a specific period with the option to purchase it at a future date. In a rent-to-own arrangement, a portion of the monthly rent is typically credited towards the future down payment of the property. This homeownership strategy allows individuals or families to live in a property while working towards homeownership, especially if they face challenges in obtaining traditional mortgage financing upfront.
Why rent to own
Path to Homeownership
Rent-to-own provides a pathway to homeownership for individuals who may not qualify for traditional mortgage financing due to credit issues, limited savings for a down payment, or other financial constraints. It allows them to move into their desired home and work towards becoming homeowners over time.
Lease with Purchase Option
Our Rent-to-Own agreement offers you the chance to lease your chosen home with a built-in purchase option. You have the exclusive right to buy the property within a specified period, allowing you to plan for homeownership while living in the home you love.
Credit Building Assistance
We understand the importance of improving your credit score during the Rent-to-Own process. Our program includes resources and guidance to help you establish or rebuild your credit, putting you on the path to securing a traditional mortgage when the time comes.
Control and Personalization
As tenants, individuals have the freedom to personalize and make improvements to the property during the rent-to-own period. This allows them to create a living space that suits their tastes and preferences.
Home Selection
Whether you're looking for a cozy bungalow, a spacious townhouse, or a modern condominium, our team of realtors are able to provide options that suit your preferences and budget.
Build Equity
Every rental payment you make contributes to building equity in your future home. Say goodbye to throwing away money on rent and hello to an investment that pays off in the long run.
Rent-to-Own: Future of Homeownership!
How it works
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Meet with our friendly team to discuss your financial goals and customize a Rent-to-Own plan that works for you.
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Work with our realtor to pick out your dream home that suits your needs.
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Move into your new home and start making monthly payments.
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Build equity and work towards homeownership while enjoying the benefits of living in a place you can truly call your own.
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Exercise your purchase option within the agreed-upon timeframe, completing the transition to homeownership.
Don't miss out on this incredible opportunity to rent and own your dream home!
Contact us today to learn more about our Rent-to-Own program and fill out the questionnaire below to schedule a consultation. Your path to homeownership starts here!
Frequently Asked Questions
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How does rent-to-own work?
In a rent-to-own agreement, the tenant typically signs a lease for a specific period, often three years. During this time, a portion of the rent paid go towards building equity or be held as a down payment for the future purchase of the property.
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Is rent-to-own a legally binding contract?
Yes, rent-to-own agreements are legally binding contracts. They outline the terms and conditions of the rental period and the potential sale of the property. It's important to review and understand the terms before entering into such an agreement.
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What are the benefits of rent-to-own?
Rent-to-own can be beneficial for those who may not qualify for a mortgage immediately but still want to work towards homeownership. It allows tenants to live in a property they intend to purchase while building their credit and saving for a down payment.
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Who is responsible for maintenance and repairs during the rental period?
In most rent-to-own agreements, the tenant is responsible for routine maintenance and repairs while they are renting the property. However, major repairs and structural issues may still be the landlords responsibility, depending on the terms outlined in the agreement.
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Can the tenant back out of the purchase?
In most cases, rent-to-own agreements provide the tenant with the option to back out of the purchase. However, there may be financial consequences or penalties outlined in the contract. It's essential to carefully review the terms to understand the specific conditions for backing out.
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Can the landlord sell the property to someone else during the rental period?
Typically, rent-to-own agreements include a clause that prevents the landlord from selling the property to someone else during the rental period. However, it's crucial to review the contract to ensure such protections are in place.
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Can the purchase price change during the rental period?
The purchase price of the property may be negotiated and set at the beginning of the rent-to-own agreement. However, in some cases, the contract may allow for adjustments based on market conditions. Again, it's important to review the terms of the agreement for clarity on price adjustments.
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What happens if the tenant fails to exercise the option to purchase?
If the tenant decides not to exercise the option to purchase the property at the end of the rental period, they may lose the equity they've accumulated and any down payment funds. The terms of the agreement will specify the consequences in such cases.
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Is a down payment required in a rent-to-own agreement?
While a down payment is not always required, it is common in rent-to-own agreements. The amount required may vary depending on the terms negotiated between the tenant and landlord.
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Do you have any homes available now?
Occasionally, we do have some inventory available. But most of the time, our team of realtors will be able to find you your dream home based on your preferences.
Let's get started!
Complete the questionnaire below and we will get back to you as soon as possible.