Locating Toronto Rent to Own Homes
Rental homes are easy to find and real estate agents are happy to show you a dozens if not hundreds of homes for sale. But finding rent to own homes can be a bit more tricky. Rent to own homes are sometimes called lease to purchase or lease with option to purchase. These terms are interchangeable so for this article we’ll just call them rent to own homes. Being in the rent to own business we get asked all the time by first time home buyers how they can find a home to rent to own in Toronto if the homes on our list don’t fit their needs.
It’s actually quite easy. You might think to go to landlords and ask them if they would be willing to sell at the end of the lease. But that’s not the best way to go about it. Instead you should contact for sale by owners. Although they are trying to sell many FSBOs are also open to renting for a year or two or even more to the right person, couple or family. By doing this you can find a home to rent to own in Toronto from any FSBO and classified website, even from the newspaper or for sale signs.
A brief word of warning. Most real estate agents do not deal with rent to own homes so asking one to help you is usually a waste of time. It’s really unnecessary anyway since you can find one on your own. But if you do decide you just don’t have the time and want to try to enlist the services of an agent make sure you explain to them upfront that you want a home to rent to own so they can tell you whether or not they can help. You will also need someone who can write up the paperwork for you. You need a good rent to own contract to safely and legally tie up and control the home you have chosen.