Renting To Own Vs Affordable Home Ownership

I occasionally get asked about rent to own by people who typically don’t have enough saved for a down payment. Is rent to own the answer to their dreams? In short, no. In fact a rent to own ‘purchase’ could turn into a nightmare instead, costing thousands. You noticed I put ‘purchase’ in quotes? That’s because rent to own isn’t a purchase but an option to buy at a future date for a specific price. Much of the risk with rent to own occurs before you actually purchase the home. Read my previous post rent to own. And watch the video for a great alternative to Rent To Own called The Affordable Home Ownership Program run by the Region of Waterloo. Here’s the link Affordable Home Ownership Program. It’s a really great plan and way safer than renting to own.

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