BUILD HOME EQUITY WHILE RENTING!

Enjoy the freedom and flexibility of renting while building equity for your future home with our unique Equity Program. Save for your future while living comfortably in the present. Embrace the best of both worlds—renting now and preparing for homeownership.

HOW DOES THE EQUITY PROGRAM WORK?

Once you secure your lease with NP Rentals, the equivalent of 15% of your monthly rent gets accrued as an equity credit. Enjoy your rental experience while watching your equity grow! This credit can then be applied towards the purchase of any of our new for sale homes, up to a maximum of 3% of the purchase price.

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SOUNDS SIMPLE, WELL IT IS!

Imagine your rent is $2,000 a month. Each month, $300 would accrue as an equity credit. After 4 years, you would have $14,400 build up in equity! That’s exciting! You’ll be picking out new furniture for your NP Rentals home before you know it. We understand homeownership is a big step, so we’ve designed this program to lend a helping hand. You’ll receive an annual Equity Statement showing your accrued equity, which can be applied towards your home purchase when you’re ready. Plus, your equity can be used for up to 24 months after your tenancy ends.

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FAQS

Is it possible for me to purchase the home that I am renting?

Typically, purchasing the home you’re renting is not an option. However, we specialize in building numerous models of single-family homes and condos across the city, ensuring that we can find the ideal home for you to purchase when the time is right.

Is it possible to apply my credit to the downpayment of a new home?

Unfortunately, mortgage regulations prohibit using the credit for the downpayment. However, your credit can be deducted from the purchase price of your home, resulting in cost savings and a reduction in your mortgage amount.

Do I have to purchase a NP Rentals home with my credit?

Yes, your credit is exclusively applicable to the purchase of a NP Rentals home. Also, to use your credit you must make the purchase directly through office and not an outside realtor.

If I choose not to use the credit in my Equity credit account for a home purchase, can I receive a cash equivalent or use it towards rent?

No, there is no cash value unless the credit is applied towards the purchase of NP Rentals home. However, you have a 24-month window after moving out of your rental to use the credit, and you also have the option to “gift” the credit to a friend or family member.

How do I know how much is in my Equity credit account?

You will receive an annual statement showing how much your credit has grown throughout the year.

Still have Questions?

Please get in touch, we are always happy to chat about our Future Homeowner Program and see if it might be a fit for you.