Living in a big city like New York or Los Angeles in the United States or Vancouver or Toronto in Canada can be expensive. Buying a piece of real estate in Riverdale Toronto comes with a whole lot of expenses outside of the monthly mortgage payment you're going to be making on your home until you pay the mortgage off. Since real estate can be so expense you might want to consider other options you have.
You can rent houses, condos or apartments in the big city, you can buy cheaper Vaughan houses and live outside of the core of Toronto and just commute to the mainland of Toronto, you can look into buying cheap fixer-upper homes and turn them into great real estate properties. You can also consider living in a lease to own situation.
You're probably familiar with the lease to own or rent to own phrase when it comes to such things as computers, television sets, furniture in resale condominiums in Toronto or cars; not real estate. Well, there are real estate properties out there that can be yours through a lease to own payment option.
In the world of real estate, lease to own gives you the chance to own the property you're renting or leasing after a certain amount of time. Ask any residences of College Park who are living in a lease to own home and they'll explain it by saying they pay a monthly fee that goes towards the cost of living there, just like paying rent, and that a part of that payment is taken and used as a form of down payment towards the home once they're ready to move from the leasing stage to the owning stage.
The price of the home will be determined before any contract is signed and the date to buy the home is also fixed. If the person leasing the home doesn't want to buy it the owner has the right to find another tenant once that date arrives or to re-structure the current agreement to extend the lease. Lease to own is a popular option amongst people wanting to own real estate but can't at the moment. If you're thinking about getting involved in a lease to own real estate situation make sure to talk it over with a qualified Brampton real estate agent to ensure that you're not getting involved in some sort of real estate scam.