Rent 2 own is itself a creative solution to getting into home ownership, yet sometimes opportunities pop up that require even more creativity, but make sense.
One dropped into our lap this week that doesn’t quite fit my standard model, but offers a fabulous opportunity for someone.
Because this is such a unique situation, we can offer it at a far better deal than usual. Does that sound attractive?
Here’s the catch: you have to like this property because you don’t get to choose your own property, as per our usual model. And the rent-2-own deal has to be for five years (usually three.)
But if you would like a luxury condo in Abbotsford’s most prestigious complex and could get it for 30% below the usual rent-2-own rate, and own it in five years for far below market value, giving you huge equity in the property from your first day of ownership, does that sound like a good deal?
Here’s the scoop: This is a 722 sq. ft, one bedroom plus den, one bathroom, luxury condo, that includes a 219 sq. ft. solarium balcony with sliding windows and natural gas barbeque hookup. It has oversized windows and vaulted ceilings and includes a gas fireplace, stainless steel appliances, a gas range, granite counter-tops, underground parking stall with electrical outlet, plus a storage unit with an overhead garage door.
The complex includes a gym, a games room, and a courtyard with picnic tables, benches and barbeque area. This is a no-smoking, no-pets building, and there can be a maximum of 3 people living in this unit.
Here’s what’s the same as usual. First, you need to qualify for our program. This is based on determining whether you will be able to qualify for a mortgage and succeed in owning the property at the end of the term. In this case, with the minimum down payment, it will require an income of $115,000 per year. Second, you will need the same up-front Option fee to start the rent 2 own program as usual, in this case, $26,000. Third, you will need to live in the unit yourself, now and when you take ownership in five years; this deal is not for investors. After you take ownership, though, you can do with it whatever you want.
But, here’s what’s so exciting about this opportunity!
First, your monthly rental rate of $2900, including $600 in rental credits that are credited towards the purchase at the end of the term, is itself more than 25% below the usual rate. If you thought you couldn’t afford a property like this for a rent-2-own, maybe you can now.
Second, the strata fee is included in the rent; normally that’s additional to rent. This brings the total monthly savings down to about 30% from normal.
Third, your buy-out price at the end of the term is only $540,000, and that’s in 2027. Normally it would be between $575,000 and $625,000. What will be its actual value then? No one knows for sure, but likely in excess of $600,000. That’s huge instant equity.
But you have to move quickly as we have not secured exclusive rights to the property. It is also listed for sale and for rent. We need to beat out any others interested in the property. So, we cannot dawdle, and possession may need to be December 1.
If you are interested in exploring this opportunity further, please reply to this email and also fill out an application from our website. Neither the reply nor the application commits you in any way; it just indicates your interest in exploring this further.
I look forward to hearing back from you.
And then getting you moved into this exciting property!