Toronto is the largest and most populous city in all of Canada. The neighborhoods are rich with diversity and are growing. Toronto’s job market is always alive and burgeoning. With the real estate market constantly expanding and rising, Toronto is the destination for many Canadians with city life aspirations. City life can be costly, but there is so much to be said for the excitement of being in the center of it all.
Many individuals dream of living in the city, but those dreams can be cut short due to financial issues. If you can identify with anything on this list, you may have troubles getting a traditional mortgage:
- Bad credit
- Have filed for bankruptcy
- Insufficient funds for a down payment
- Are new to Canada
- Are self-employed
- Have less that 20% or more to put down on a house, plus closing costs
Being denied for a mortgage can sometimes lead to individuals giving up and waiting for better financial times. They waste their time and money renting with no gain, and spend valuable time commuting from the GTA. By doing this, they are making their landlords rich, acting as a slave to gas prices, and spending time sitting idly on the highway in hopes of making it home in less than an hour. There are options available for those who want to live in the city but aren’t financially set.
Sandstone Management, a Canadian real estate company, can make your dreams of living in the city a reality with Toronto rent to own homes. Their purpose is to assist you in building a bridge from your current financial situation to home ownership. The real estate market will be harder to enter as prices continue to rise, and the rent to own option is the way to get there quicker.
Sandstone works with you to determine your price range and helps you find the right property, checking it for structural flaws, market value and more. You are required to put down a small down payment that is much less than the traditional 20%. From there, a predetermined buying price is established. You pay affordable monthly payments for a fixed period of 1 – 3 years while you build equity and repair your credit. By the time this leasing period is up, they will help you apply for a traditional mortgage on the house. Since the price is predetermined, you gain from any fluctuation in the market or renovations you have done. This, along with the equity you have built up between your down payment and your monthly payments (a portion goes for equity), will help you better qualify for the mortgage.
You can be on your way to homeownership in a safe and timely manner as you build your own equity and eventually acquire an asset. Home ownership is the most lucrative way to build wealth and financial security. Plus, you get to live in your home much sooner!
If you are tired of the daily commute and watching your hard earned money disappear each month, stop paying rent and get to the city. You will save money in the end and when the work day is over; your time is yours to spend freely outside of the car. In a few short years you will have a better credit rating and an asset to call your own. Toronto real estate prices have consistently been climbing and that will be the greatest gain you receive. Contact Sandstone Management today and learn more about the rent to own options available to you and your family for Toronto homes and condos.