Lease-to-Own Program

Renewing
Properties, LLC

improving homes and lives

The lease-to-own program offered by Renewing Properties is simple…you find one of our homes to lease and pay a purchase option fee upon entering into the program. During the 3-year period you lease, approximately 20% of the monthly lease payment will be applied to your purchase. At some point during the lease period, you will contact a lender of your choice and obtain financing. At closing, your lease credit and entire purchase option fee will be reduced from the originally agreed upon purchase price.

Key Benefits:

Provides opportunity for individuals that are either relocating to the area, credit challenged or first-time homebuyers that want to “test the waters” before making a 30 year mortgage commitment on a new home.
The purchase price is locked in at today’s market value.
Equity is built up over the lease period through appreciation and a portion of each rent payment that is credited back at closing when the home is purchased.
The property warranty limits any significant repair cost during the lease period.

Success Story:

Glenn and Alya purchased this home in 2005 on a rent to own program. The agreed upon purchase price in 2005 was $86,000. Glenn and Alya spent two years re-establishing their credit. In 2007 they secured a traditional mortgage on the home using the equity they earned through the lease-to-own program as their down payment. The best part of the deal ~ the appraised value of the home at closing was $110,000 – creating an additional $24,000 in instant equity at closing!