Rent to own homes in Calgary
Are you aspiring to own a home in Calgary but facing challenges securing financing from traditional banks? The rent-to-own program in Calgary presents an excellent opportunity for renters to transition into homeownership while simultaneously building equity. This innovative program not only facilitates the improvement of credit ratings but also addresses past financial issues that may be affecting a buyer’s credit history.
Under this program, the property undergoes inspection by a home inspector. It also offers potential home buyers the chance to test both the neighborhood and the house before committing to an outright purchase.
History / Statistics:
Calgary, nestled in the province of Alberta, beckons prospective homeowners with a rich history, strategic development, and economic resilience that extends to its real estate landscape. Established in the late 19th century alongside the Canadian Pacific Railway, Calgary’s adaptive spirit post-the 1886 fire has shaped a resilient and forward-thinking community, making it an appealing destination for those seeking a home with a vibrant historical backdrop.
Amidst the breathtaking backdrop of the Canadian Rockies, Calgary offers more than just scenic beauty—it provides a dynamic economy. Initially rooted in the oil and gas industry, Calgary has diversified into a hub for technology, finance, and renewable energy, showcasing its adaptability. With a steady population influx drawn to its vibrant job market and high quality of life, Calgary stands as a thriving and resilient city, offering those seeking not just a home but a place within a community that reflects both urban amenities and natural splendour.
Rent-to-own contracts with the option to buy have gained popularity in Calgary, Alberta. The option, not considered a security deposit or rent payment, is designed to lock in the negotiated home value, protecting against potential market fluctuations.
Paying rent on time during the rent-to-own period and treating the home as a rental are crucial aspects. Rental amounts may be slightly higher in Calgary’s rent-to-own agreements, but a portion is applied towards the eventual purchase of the home, serving as a forced savings system.
Agreements also require the tenant-buyer to perform minor repairs, as the intention is to buy the home after the contract expires. Major repairs, such as roofing and structural issues, remain the responsibility of the actual homeowner until the option is exercised by the potential buyer.
Given recent changes in Canadian legislation, qualifying for a mortgage in Calgary, Alberta, has become more challenging. The rent-to-own program becomes a valuable tool to build credit history, ratings, and income to meet the stringent loan requirements. With the fixed future purchase price, the program helps lock in the selling price and take advantage of increasing home equity sooner.
Contrary to traditional home purchases, rent-to-own contracts in Calgary do not involve bank deals, mortgages, or finance companies. This opens up opportunities for individuals building credit or those with less-than-ideal credit to become homeowners as they work towards rebuilding their credit ratings.
For prospective first-time home buyers considering the rent-to-own option in Calgary, it is advisable to consult with a trusted resource to navigate the process effectively.