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Rent-to-Own Homes in Sherwood Park, Alberta
Edmonton, Alberta has a delightful community closeby called Sherwood Park. This flourishing neighbourhood, which is a part of Strathcona County, offers a welcoming blend of urban conveniences and the tranquil beauty of a small town. Sherwood Park, which has a population of over 70,000, offers a distinctive combination of opportunities, a strong feeling of community, and easy access to the city of Edmonton.
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The economy of Sherwood Park is booming as a result of the presence of numerous industries. The city's thriving job economy is influenced by the healthcare, education, technology, and retail industries. Residents of Sherwood Park have access to a wide range of job options and opportunities thanks to its advantageous position within the Edmonton metropolitan area.
For those seeking a place to call home in Alberta, Sherwood Park presents an attractive selection of rent-to-own properties. This vibrant community provides a perfect setting to settle down while working towards owning your ideal home.
View the latest rent-to-own properties in Sherwood Park
Real Estate Trends in Sherwood Park, Alberta
Knowing the current situation of the Sherwood Park real estate market is crucial for making informed judgments about rent-to-own houses. Let's investigate the housing market's dynamics, giving important details about home prices and the ever-changing levels of supply and demand.
The real estate market in Sherwood Park has a wide range of choices to accommodate different tastes and price ranges. You can find a perfect alternative whether you're looking for a cozy townhouse, a large family home, or something in between.
This community comprises numerous smaller neighbourhoods, each with its unique charm, catering to various lifestyles. Educational excellence is a priority with the presence of New Horizons Charter School for gifted children. Proximity to Edmonton properties, schools and offices ensures easy access to jobs and education.
The housing market in Sherwood Park remains tight, with only 99 new listings reported in the past 28 days as of August 2024. This limited inventory has contributed to rising home prices, with the average price now at $357,000. Notably, homes are selling quickly, with a median days on market of just 0 days, indicating strong demand. This trend reflects the ongoing appeal of Sherwood Park as a desirable place to live, despite previous challenges in the market.
How Does Rent-to-Own Work in Alberta?
Renting to own, also known as leasing to own, is an innovative solution for those who want to own a home but are not able to qualify for a mortgage. It provides a unique pathway to homeownership that is ideal for those who may not have a significant down payment, a high credit score, or a stable income.
The unique rent-to-own concept of homeownership allows you to rent a home with the intention of purchasing it at the end of your rent to own contract. This plan attempts to bridge the gap for prospective homeowners who face obstacles like a lack of Canadian credit history, poor credit, a low income, or the issue of saving for a sizeable down payment.
An illustration of how the finances for a rent-to-own scenario may look is as follows:
Approved Home Purchase Price: $250,000
Initial Down Payment: $250,000 x 2% = $5,000
Monthly Payment: $2,356 (Rent: $2,093 + Savings: $263)
Cumulative Savings: $5,000 + ($263 x 36 months) = $14,468
Buy Back Price After 3 Years: $289,406
Tip: Use our free rent-to-own payment calculator to estimate what your monthly rent-to-own payments would look like in Sherwood Park.
What are the Benefits of Rent-to-Own in Alberta?
1. Easy Access to Homeownership
Renting to own can be a great choice if you're not quite ready to buy a home but still want to go on the property ladder. Obtaining a mortgage approval can be difficult, particularly if you have poor credit or insufficient funds for a down payment. Renting to own enables you to accumulate equity in the property while you do so and get ready to buy it.
2. Option to Try Before You Buy
You can test out a house before you decide to buy it by renting to own it. Before making a purchase, you may make sure the house lives up to your expectations and is a good fit for you and your family.
3. Fixed Price and Terms
The opportunity to lock in the price of the home and the rental terms is one of the biggest advantages of renting to own. As a result, the price of the house and your monthly payments are rather predictable.
4. Credit Improvement
Your credit score can rise if you rent to own. When the rental agreement is over, it will be simpler to get a mortgage if you pay your rent on time and in full. This will also help your credit score.
If you're ready to take the next step towards homeownership, the Requity Homes rent to own program might be the best option to help get you and your family into homeownership sooner than you could have ever imagined.
Get pre-qualified and start your homeownership journey today
