Apr 11, 2022
3
 min read

Rent to Own a Home in Regina, Saskatchewan

 Rent to own home in Regina, Saskatchewan
Summary
Regina is the second-largest city in Saskatchewan and the capital of the province. Located in the south-central region of Saskatchewan, the city has a population of over 250,000 people. With an airport conveniently located near the downtown area, traveling is made simpler. With their economy on the rise Regina is becoming a great spot to live.

Rent to Own a Home in Regina, Saskatchewan

Regina is the second largest city in Saskatchewan and the capital of the province. Located in the south-central region of Saskatchewan, the city has a population of over 250,000 people. With an airport conveniently located near the downtown area, travelling is made simpler. With their economy on the rise Regina is becoming a great spot to live.

Whether you are looking for a life downtown or a quiet suburb, Regina has a wide variety of living environments. Find out more about what makes this location an attractive place to take residence.

Real Estate Trends

The average home price Regina is $327,000 in2021 according to Canadian Real Estate Association (“CREA”). This represents a6.6% increase from 2020 where the average home price is $306,000.

Total home sales in Regina were up 21% in 2021going from 3,748 in 2020 to 4,524 in 2021.

If you’re not mortgage-ready and don’t want to miss out in a rising home market, rent-to-own a home in Regina could be a great option.  

Transportation

Getting around the city is easy thanks to its efficient public transit system. 23 different bus routes are available to take you around operating from as early as 5:30 am to 12:30 am at night. Regina’s public transport is also known to be cheaper than most cities, providing a great alternative to owning a vehicle.

If you would rather drive yourself, Regina is located on the Trans-Canada Highway which spans across the country. If you have any interest in travelling to other provinces, this would be the best way to go about it. It is also common for Regina residents to commute into the city daily. Many different parking garages and designated zones are available as well to make driving a great option in Regina.

Economy

You would be happy to know of Regina’s strong economy, being one of the best in Canada. The unemployment rate is low as there are plenty of opportunities in the industrial sector. Looking at GDP, Regina is ranked 7th in all of Canada, partly because of their strong employment prospects.

This includes one of the largest steel companies in Canada, EVRAZ Regina, and many other organizations focused on natural resources. Other major employers include SaskTel, Kalium Chemicals, Degelman Industries, ADP, and provincial government jobs for Saskatchewan.

If you are interested in agriculture, oil and gas production and development, or telecommunications, Regina would be a great fit for a place to call home.

Education

Regina has great education opportunities for all levels of students. There are three main divisions for the elementary and secondary levels including the Regina Public School Board, the Regina Catholic School Board, and the Conseil des écoles fransaskoises.

If you are looking at post-secondary options, there are three well respected institutions available. The University of Regina, Saskatchewan Polytechnic, and the First Nations University of Canada are all excellent prospects to grow your knowledge.

How Rent to Own a Home in Regina Could Be Beneficial

Requity can help qualified clients find almost any home listed for sale in realtor.ca in Regina, meaning aspiring home buyers can begin by renting and testing out the neighborhood.

Renting is a terrific way to gauge the neighbourhood, schools, job opportunities, etc. After two to three years, renters will be able to assess whether the home and surrounding area is one they can settle into long-term. If you don’t have a large down payment saved up, rent to own homes can be a more viable option.

How the Rent-to-Own Process Works

As the cost of buying a home continues to increase, many people are choosing the rent-to-own option as a popular alternative to traditional home buying. There are a few essential items to get familiar with before you sign an agreement:

●     The rent-to-own agreement is between a homeowner and tenant, which begins as a lease, with the option to buy the home later. This lease agreement is usually for a term of no more than three years.

●      A deposit is often required upfront, in most cases, along with the deal, which is applied towards the final buyback price of the home.

●     A part of the monthly rental payments, in addition to the initial deposit, is credited towards the final buyback price. When the lease agreement reaches the end of the term, the tenant can decide whether they want to purchase the home.

The Advantages of the Rent to Own Approach

When you’re not in a financial position to afford a down payment on a new home or do not qualify for a mortgage, there are some benefits you’ll find with the rent-to-own option:

●     You’ll have the option of "testing” a new home and deciding if homeownership is the best option for you. Initially, many people might buy a home with aspirations of renovations or creating a home office or nursery only to discover they need more space. When you choose the rent-to-home option, you’ll have the benefit of living in a house before deciding if it’s a good fit for you and your family.

●     When you sign a rent-to-own agreement, you’ll have the opportunity to save enough money towards the eventual purchase of a home. During this time, you might have access to increased income because of a new employment opportunity or other revenue, which can help you save towards the eventual purchase of the home.

●     If you have a poor credit score, you can work on improving your rating so you qualify in a few years after you sign a rent-to-own agreement.

●     Unlike a traditional lease or rental agreements, you’ll have more freedom to renovate and decorate your home without the restrictions that are often included in a rental contract.

Rent-to-Own Is Another Path to Achieving Homeownership in the Future

Rent-to-own works best for people who want to eventually purchase a home, though they cannot make the financial commitment or meet the criteria required for a traditional mortgage.

While many financial experts recommend a mortgage as the best option, it’s not always attainable, making rent-to-own agreements an excellent path towards homeownership.

When you’re in a position to buy your home, there are some excellent benefits. These include the option of building equity, which can offer you some great benefits in the long term, such as access to loans and extra funds for renovations, debt consolidation, and additional revenue if you choose to sell the home at a later date.

Summary: Rent-to-Own Opportunities in Regina

Find out if you qualify for a rent-to-own home in Regina, Saskatchewan. Contact Requity Homes by phone or via the website, where you can apply directly online to see if you are qualified for our rent-to-own program.

 

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