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Benefits of Renting to Own a Home

Fast Equity Growth: Equity accumulates much faster (five times or more!) than with conventional financing through a bank or lender.

Rent Credit: Every month a portion of your rent payment (typically $100-$500, depending on the home) is credited towards your down payment or off of the sales price.

Down Payment: When you sign a rent to own contract, you will pay the company an option deposit (down payment). This money is your vested interest in the home and will be fully (100%) credited to you when you buy the home.

Lower Down Payment: When you purchase a home conventionally, you must pay at least 5% down plus closing costs. When you buy with a rent to own agreement, you only pay first month's rent and a small option deposit. This will save you between 25% and 85% every time you buy a home.

When you buy: Since you have given the company an option deposit and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay for a down payment at closing.

Profits from Appreciation: Since the sales price is locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (what you owe minus what it's worth) is increasing in the home .

Lenient Qualifications: You will be approved at the sole discretion of the company, not the bank.

No Taxes: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced.

Quick Process: You can typically take possession of the home in less time instead of conventional move in times of one to three months after your offer was accepted.

Trial Period: Before you actually buy the home, you will have 1-5 years (depending on your agreement) to repair your credit, find the best interest rates, investigate the home and research the neighbourhood and/or schools.

Minimal Maintenance: Large maintenance problems or any maintenance problems that exceed a certain amount of money are delegated to the company.

Strict Privacy: Your name will not be on the deed until you exercise your option to buy.

Flexibility: You will have full control of the home and can maintain it or improve it however you wish per the agreement.

Elimination of Fees: No realtor commissions, No closing costs & a quick closing at the end of your lease term.

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