Rent to Own Homes: an Option to Consider?

When the term “rent to own” pops up, it’s not always clear what it means, and that’s partially because renting to own and the similar plan lease/option can work numerous ways. However, in a typical scenario, tenants can rent for a set period, such as a year, then when that time is up, they have the option to purchase the home. A portion of the rent is often credited to the sales price or closing costs.

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Suites program provides options

Having rented out their properties in the past, Sherwood Park residents Sherri Lindstrom and husband Trevor said they like to help people save towards becoming homeowners.

“When you’re at this place in your life, you can kind of help people along. You don’t have to charge them a whole lot of money, and then they can live in the Park,” Sherri said. “Our thing is just to help people so they can get to where they move on and not rent forever.”

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