Best Home Owning Option in Ontario
One of the major hubs for all kinds of activities in Canada is Ontario, the country’s second largest province. Head offices of several major companies are located here. As there are many social, economic, and political opportunities for residents, a lot of people strive to live here.
Well planned province
Public transport to all the major cities is easily available. The streets are very organized and travelling has been made very simple. Trains, streetcars, subways, and buses are all parts of the efficient public transport system here. It is also a very ethnically diverse area with more than 100 languages being spoken, and one of best ways to live here is to start looking for rent to own homes in Ontario.
More about Rent to Own
Here’s how the Rent-to-Own system works. Rent is paid at the end of each month to the landlord here, much like a regular tenant. However, the difference here is that part of the rent goes towards the EMI of a home when the tenant plans to buy the home a few years down the line.
This is a wonderful option for all those who long to own a home in Ontario but are just unable to pay mortgage. No doubt that there are a large number of players in the market who also operate scams, but there are several genuine owners as well. Use reputed real estate companies to get in touch with such owners only.
Rent-to-Own requirements
One of the toughest purchases in the life of any individual is a house. In the conventional sense, it means providing a large down payment each month, finding a suitable mortgage loan, and then paying the same in 25 years or as per the agreed terms. As per this, the main requirements for purchasing a house are:
- Hefty monthly incomes
- Great credit
- Making regular down payments
Problems may arise in any one of these requirements, which creates issues in fulfilling one’s dream of living in one’s own house. Such problems are fairly common and that’s why the Rent-to-Own program has been developed.
Residents are allowed to renovate
Once the potential buyer moves in to a home, either alone or with family, he or she is recognized as the buyer for a later date. Considering that the property’s ownership will be transferred, the new buyer can renovate the space much like a normal home owner.
Changes can be made to the floorboards, tiles, ceilings, or any other part. At the same time, a tenant must necessarily treat it like his or her own property.
Buy before the end of the lease
It is not compulsory for all potential buyers to wait for the end of the lease to purchase the home. If the credit score under question is in good standing and there’s adequate money for every down payment, one can be qualified enough before time. However, there are a few homes with a compulsory clause in the Rent Agreement that one has to live there for at least 12 months before this option.
Get proper rent agreements
By obtaining the Rent-to-Own option from a reputed company, one can be assured of getting all the legal papers in order. As per Ontario law, two agreements have to be signed between the landlord and the buyer. These are the ‘option to purchase’ and ‘lease’ agreements for Rent-to-Own.
A lot of landlords are a worried lot since July in Ontario. Covid-19 has led to a large number of job losses, as a result of which tenants have been unable to pay the rent on a regular basis. There isn’t too much clear understanding on this issue, and though it allows both tenants and landlords to create their own resolutions before going to the Landlord Tenant Board, such a plan for repayment of rent can be presented before the Board. If this Repayment Agreement is broken, the tenant can be evicted without prior notification. It is all about giving a fair deal to both the tenant and the landlord.
Once the home is sorted, home owners would surely be interested to find out more Ontario through the following places of interest.
Places of interest in Ontario
- Ontario’s Wine Country– More than 180 wineries are available here
- Cruise on the Rideau Canal– A leisurely ride down a historic canal at a UNESCO World Heritage site will allow people to travel at their pace, and hike for walks in this location
- Blue Mountain– A one-stop place for outdoor adventure, one can enjoy free fall jumping, caving, zip lining and other adventures at the Ontario’s biggest mountain village resort
- Hamilton Waterfalls– More than 100 waterfalls are present in Hamilton, which is also called the ‘waterfall capital of the world’
- CN Tower– This communication tower was the world’s tallest tower till the year 2009. It is a signature building in the Toronto skyline.
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