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Rent to Own a Home in Windsor, Ontario
Windsor borders the Detroit River and lies within Essex County, though it’s technically independent of the county. This city is a great location for travel with the Windsor International Airport, and a 15 minute drive from the American border. Coupled with an affordable cost of living makes this hub a great place to take residence.
With its vibrant downtown area and quaint neighborhoods, this is an attractive spot for settling down in a rent to own Windsor home. Find out what makes this province an attractive location for families of all demographics.
Real Estate Trends
The average selling price for a home in Windsor is $406,861, according to a 2020 estimate. While this represents an increase from $335,697 in 2019, it’s still lower than properties in adjacent major cities. It’s also an attractive option as trends are pushing families away from large metropolises and towards regions like Windsor that are less dense but still retain all the hallmarks of a bustling city.
There are diverse property types in Windsor, ranging from single-bedroom living units, bachelor pads, or multi-story homes complete with a fenced-in lawn. In addition, rent to own homes are also becoming an increasingly viable option for homeowners who wish to test out the waters before committing to a long-term property purchase.
It’s worth noting that the city’s local paper Windsor Star has declared the province as the most affordable city to own a home. This is in spite of major spikes in property values due to the COVID-19 pandemic. The parameters for Windsor being declared number one in affordability were acquired by factoring in home prices and the average income of Windsor residents.
Transportation
Getting around the city is simple thanks to its local bus transport. Arrive at your intended destination with 1,218 bus stops spread over the province and buses travelling along 17 routes. This makes it easy and affordable to travel within the city limits and all over Essex County as a whole.
Detroit, which borders Windsor and is separated by the Detroit River, is accessible via a 17-minute car or bus ride. A connecting bridge also makes traversing between the two cities by foot possible.
In addition, shuttle services are also available for arriving and leaving Toronto Pearson International Airport. You can also use the shuttle to travel between neighbouring townships like Essex, Toronto, and Chatham — all at an affordable two-way travel fare.
Economy
Windsor’s economy comes mainly from its manufacturing, transportation, and tourism industries. Other sectors are also fast expanding thanks to the Economic Revitalization Community Improvement Plan, enacted in 2011. This provides more significant financial incentives for startups that set up a business in the community or invest in specific industries within the city limit.
Specific locations in Windsor are also designated as brownfields. These are spots that were once used for various purposes that have led to contamination. Redevelopment plans are underway, with further financial benefits for those who invest in the brownfields and contribute to constructing green buildings and sustainable sources in these areas.
Education
Windsor is a desirable location for raising kids. Parents have access to the city’s numerous public and private K-12 schools. For graduates who wish to attend higher education, the University of Windsor is a prestigious school with a broad range of undergraduate and graduate programs in business, engineering, law, nursing, and more.
How Rent to Own Could Be Beneficial
With the multitude of rent to own homes within Windsor, home seekers can begin by renting and testing out the neighborhood. Even with its amenities and friendly locals, it's important to be comfortable where you live before making such a significant investment.
Renting is a terrific way to gauge the neighbourhood, schools, job opportunities, etc. After a year or two, renters will be able to assess whether the home and surrounding area is one they can settle into long-term. The lack of a down payment also makes rent to own homes more viable for those unable to give a large amount at once.
If you choose to go the rent to own route, you have two options: rent for two years on your own, or work with Requity to get a better deal over the long run.
Option 1: Rent for Now and Wait Two Years to Purchase the Home
You can find a rent to own residence and rent for two years before deciding whether to buy. However, if the projected trend is accurate, then two years from now can mean a further uptick in housing costs. It means you’ll pay more as appreciation leads to a rise in property value.
Option 2: Rent to Own with Requity Homes
Alternatively, get assistance with Requity. When you partner with us, we purchase the home and charge a 5% increase above the home value, which is more modest in comparison to the projected rise in real estate property over two years. This means more savings for you as you rent and potentially take ownership of the home later down the road.
The benefits of working with Requity go beyond saving money. Once you fill out our application and get pre-approved, we help you find a rent-to-own home based on your budget and living preferences. We buy the house and cover the closing costs. You move in as a renter and buy back the property.
According to a 2020 real estate projection from the local paper Windsorite, property values in Windsor were projected to increase by 9% from 2019 to 2020. If this is the case, then you save 4% on the home’s value since we charge 5% above property value.
About Requity Homes
Requity works with home seekers, mainly families looking for a new and improved location to settle into. These consist of people looking for a safe environment for their kids, new job prospects, and even a viable site for retirement.
If you’re looking for a dream home but wish to test the waters first by renting, we can help you get started. Take the first step to becoming a renter and invest in your future.
