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What Homes Can I Buy with Requity?
Pre-qualifying for a Requity rent-to-own program can be done online. It’s fast, free, and won’t affect your credit score in any way.
Once you've completed your documents and have been fully approved for your home budget, you now get to choose which homes you would like us to buy. You can pick almost any homes listed for sale on realtor.ca or privately in the areas we serve as long as they meet the following criteria:
Home Price Range
After your full approval, the provided home purchase budget will set a hard limit to what houses you can buy. The budget generally ranges from $150,000 to, in some cases, $600,000. The maximum home purchase budget is dependent on each client’s unique circumstances.
Requity's rent-to-own program puts you into a prime position to buy back the house you’re renting within 2-3 years.
Condition
Any home you purchase needs to be move-in ready. We cannot purchase a house if it is not habitable. Purchasing houses with structural issues often costs a lot more money to have repaired, and in most cases, also costs even more to maintain. Buying a house that needs no renovations whatsoever to move into is plainly much better.
When choosing a house, always make sure to take note of the seller’s description. Red flags like “sold as is” or “fixer-upper” should tip you off that the house might end up being more trouble than it’s worth. Our rent to own program is focused on moving you into your chosen home as soon as possible, so we want to avoid having to contend with delays if we can help it. This policy protects you from getting a house that could end up being a liability in the long run.
Type of Homes
You may purchase either freehold single-family homes or townhouses.
Freehold ownership means that you own the house and land outright, with no space co-owned or co-managed with owners of adjacent homes. In short, there are no “common areas,” so to speak, which is very much the case with most apartments and condominiums. We want you to not have to worry about co-owners and common areas when you move in, so you don’t need to deal with other people nearly as much.
Location
We operate in Northern Ontario mainly in Thunder Bay, Sault Ste. Marie, Sudbury, and North Bay. We also operate in Saskatoon, Regina, Edmonton, and Calgary. Expect Requity to expand to other cities in the coming future!
Restrictions
We don’t purchase rural properties, nor do we buy leasehold or modular homes. Homes also need to be on municipal water and sewerage. It is much easier to manage a household without having to also worry about your water supply and deal with your own septic issues. On top of that, rural properties are usually difficult to get mortgage for.
Moving Forward
Once you’ve been qualified and your budget has been set, you can start visiting places with one of our partner agents or your own realtor. Always be on the lookout for great houses at great prices, be very much aware of what types of houses are allowed under Requity’s rent to own program.
