Would you like to start owning and living in your very own home TODAY?

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That’s right, you heard me … today!  Have banks turned you down because they say you can’t qualify for a home?  Or that you have bad credit?  Or that you don’t have enough down payment?

Well, look no further, CE Properties can help! If you are currently renting and would like to start owning and living in your own home, then you may be eligible for our Rent-to-Own program.  How does this program work? Let’s take a few minutes to show you the ins and outs of a Rent-to-Own program and see if this is something you want to consider!

Like the name says, “rent-to-own”, you first rent the home and then you will own it in the near future.  In this type of rent-to-own agreement, you pay monthly rents as you would in a regular rental, but the difference is, you have the option to purchase the property for a pre-determined price within a specific period of time, usually from one year to three years’ time frame.  As part of the contract, you do need to make a non-refundable deposit, which we call an “option deposit” to secure your interest and commitment as well as the landlord/owner’s, and a portion of this deposit will be credited back to you when you exercise the option to purchase the property down the road.  Better yet, a portion of your monthly rent will also be credited back to you when you decide to purchase the property.  Together, the option deposit and the monthly credits, will allow you to build up your down payment for the actual purchase when you are ready so that by the end of the rent-to-own term, you will not have to scramble for enough money to put down.  This depends on the pre-negotiated price that you and the landlord/seller have agreed on before entering this type of transaction.

In addition to all these benefits compared to a regular rental, CE Properties’ expert financial advisor will be working with you throughout the term to help you repair or build up your credit so that when it is time for you to take over the property, you will be able to qualify with the banks or other financial institutions without any problems … and best of all, you can start living in your choice of home NOW and start calling yourself a homeowner!

However, there are a few things to consider before jumping into a rent-to-own contract. First of all, you still need to put down some money for the option deposit although this amount is often times a lot less than a regular down payment for a home.  Secondly, the choice of your home is important and you will need to make sure you can afford living there since at the end of the day, you are the one who will be purchasing this home!  Third, you will be responsible for all the maintenance of your home … now that it is considered your very own home, so you will have to treat it as one.  Fourth, you will be responsible to build up and/or repair your credit so that you can qualify for your home by the end of the term.  Although CE Properties will be working with you, you are still ultimately responsible for your own credit.  And finally, if for any reason, you decide not to exercise the option of purchasing the home, you will have to forfeit all the option deposit and rent credits that you have accumulated over the months.  However, the landlord/seller may extend or renegotiate another term with you so that you don’t have to forfeit any money.

Considering all the pros and cons, it is ultimately your decision whether a rent-to-own program fits your needs.  If you are truly interested in this type of arrangement and want to start living in your dream home now without buying it right away, do not hesitate to contact us at CE Properties so we can walk you through the process in much greater detail and get you started on the path to homeownership soon!

When banks say NO, we say YES to start owning and living in your very own home today!

 

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