Kenna Real Estate provides responsible households a transparent path to homeownership through its Lease with a Right to Purchase Program. Rent to Own your Home Now.
Kenna Real Estate provides responsible households a transparent path to homeownership through its Lease with a Right to Purchase Program.
How The Rent To Own Works . Kenna Real Estate is working with an amazing Lease with a Right to Purchase program. If you qualify for the program, you get to pick a house that is FOR SALE based on your approved rent, in a community where they purchase and you would get to rent that house. The investment firm purchases the home, and you are only obligated to a 1 YEAR LEASE term at a time, with a right to renew your lease for up to 5 years*. You can purchase the home at any time for a pre-agreed upon price. I would love to tell you more. If you have a few minutes to reach out today, I can give you more info. I hope we can connect, and your housing search goes smoothly. I look forward to hearing from you!
Here is the video To Explain More https://www.kennarealestate.com/rent-to-own.php
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Total Cost Example Click HERE for more info. https://www.kennarealestate.com/rent-to-own.php
Total Cost is the price Home Partners pays for the home, closing costs, make ready and repairs/maintenance costs. Total Cost is used to determine the resident's Right to Purchase prices. A sample is highlighted below:
Purchase Price $200,000
Closing Costs * $3,000
Make Ready and Repairs/Maintenance Costs $7,000
Total Cost $210,000
* Includes costs such as transfer taxes, attorneys' fees, title insurance, other acquisition costs, etc.
Monthly Rent Increases
Each year, a resident's Monthly Rent increases by no more than 3.75% over the previous year's Monthly Rent.
For example, if the Monthly Rent for Year 1 is $1,400 per month, the increase for the next year is $50/month (i.e., $1,400 x 1.0375)*.
Monthly Rent
Year 1 $1,400
Year 2 $1,450
Year 3 $1,500
Year 4 $1,560 (Does not apply in Texas)
Year 5 $1,620 (Does not apply in Texas)
Right to Purchase Price Increases
Each year, the Right to Purchase Price increases by 3.5%-5% (depending on the region).
In the example, if the Total Cost of the home is $210,000 and if the Right to Purchase increases by 5% (i.e., Prior Year Purchase Right Price x 1.05)* then the Purchase Right Price for Years 1-5 is as follows:
Year 1 $220,500
Year 2 $231,500
Year 3 $243,100
Year 4 $255,300 (Does not apply in Texas)
Year 5 $268,000 (Does not apply in Texas)
There are additional costs that the resident will incur if they exercise the Right to Purchase such as closing costs to purchase the home, including transfer taxes, attorneys' fees, title insurance, and the cost of a mortgage loan. As a result, actual total costs to exercise the Right to Purchase will vary.
* Rent will round to the nearest $10. Right to Purchase Price will round to the nearest $100.
https://www.kennarealestate.com/rent-to-own.php
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