Daniels’ Rent-to-Own Program Perfect for First-Time Homebuyers
By Lucas on May 09, 2014
Thinking of buying your first home? Whether it’s a condo unit, townhome, detached home, or a semi, coming up with the down payment is a nightmare for first-time homebuyers.
Is “nightmare” too strong a word? Not really. Millenials (mostly the ones born in the 1980s) are paying off school debt and paying a ridiculous monthly amount to rent in the city. Saving is nearly impossible, even if you have a decent full-time job! That’s why Daniels started the Rent-to-Own program.
The Rent-to-Own program is a three step process:
1) You choose a condo suite that you love (only certain suites qualify for the program), and sign an Agreement of Purchase and Sale.
2) Once you move in, part of your monthly rent will go towards your 5% down payment.
3) After one year, all you have to do is top off the remaining balance on the 5% that you owe.
“We’ve been doing the rent-to-own for many years,” said Daniels vice-president Martin Blake to the Toronto Star. “What we’ve seen in those people all the way along is, they have got great jobs, they’ve got stable income, but they’ve never been able to accumulate that down payment.”
Daniels’ Rent-to-Own program has never failed a purchaser. In order to take advantage of the program, you must first be approved by RBC and mortgage insurance company Genworth Canada. If you have steady payment and you’re making enough to qualify, then the Rent-to-Own program allows you to skip the whole process of saving for a giant down payment.
Daniels’ Rent-to-Own condos
Sounds like a great opportunity for first-time homebuyers right? If you want to take advantage of the exciting program, you have to look into NY2 Condos or Cinema Tower.
NY2 is located at Bayview and Sheppard in Toronto. The suites start from the mid $200,000s and move-ins are beginning this spring! To learn more, visit the NY2 presentation centre at 18 Rean Drive in Toronto or call 416-221-3939. Contact them today because there are only a few suites available!
Cinema Tower is located right downtown near John and Adelaide, in the heart of the Entertainment District. Suites start in the $400,000s and homebuyers are already moving in! For more information, visit the Cinema Tower presentation centre at 21 Widmer Street or call 416-203-2020. Again, act fast because there are only a few suites remaining!
