Rent to own — myth

Here in Canada there is really no such thing as rent to own homes. People watch TV shows based in the USA and get the impression that they can buy a 800k home for 185k or they can buy a home and pay $1,000 per month in some kind of rent to own deal.

Well that is a myth. In order to do a rent to own one must find an investor who first will buy the home. Then that investor must be willing to do a rent to own with someone who usually cannot afford their own mortgage. That is risky for the investor.

The proper way to purchase a home is to get yourself pre-qualified for a mortgage. You can go to the bank or to a mortgage broker. Once you are approved and know how much home you can afford, you work with a real estate agent who will help you find your home.