Whether you are a landlord or tenant, you’ve probably wondered about rent-to-own agreements at some point.

If you live in Prince George, BC, Realtor® Keven Braet says rent to own properties are difficult to find for one simple reason: most landlords would never want to offer them.

 

 

Who Benefits?

In most situations, rent to own properties are only advantageous to tenants, which is why most landlords simply won’t enter into this type of agreement.

When landlords do offer a rent to own option, it’s usually because they believe they have limited options themselves and are misinformed about rent to own properties.

Keven says it’s the landlords who take on all the risk in rent to own situations.

“Under BC law, you can only attribute a maximum of 25% of the rent towards a down payment each month. Let’s say the rent on the property is $1000 a month. $250 of that can legally go towards the down payment. If the rent to own collapses, the tenant gets their down payment back, which means the landlord was only getting $750 a month for rent, and the tenant can walk away from their commitment to buy the home.”

Fluctuations in the market will also affect the value of the home before it is finally sold.

As Keven explains, “Let’s say the house is worth $200,000 at the time the rent to own agreement is signed, and the tenant agrees to purchase the house for $200,000 one year from now. When that year is up, if the house value has gone down, the tenant can walk away with their down payment and find a better deal. The landlord now has to find a new buyer and will get less for the property than if they had sold it a year ago. However, if the market goes up by $10,000 during that year, the house is now worth $210,000, but the tenant that reaps all the benefits of the increase in the house value because they will be buying at the agreed price of $200,000.”

Tenants should be aware that there is usually a higher cost involved in purchasing through a rent to own agreement. To compensate for the risks involved, most landlords offering a rent to own option will charge a premium for the home.

 

 

A Better Way

Landlords don’t have to put themselves at risk, even if they do want to offer their tenants an option to buy the home.

Keven advises setting up two completely separate contracts: a standard agreement to rent the home and a standard agreement for the sale of the home. The agreement for sale will be slightly different from a standard sale contract in that the closing date will be a year or two down the road instead of a few weeks away.

“This sale agreement is a binding contract that offers protection for the landlord while still giving tenants the opportunity to save for a down payment while they rent. The deposit will increase each month and will be non-refundable.”

 

 

Rent To Own Agreements Aren’t Worth The Risk

While they may work out well for some tenants, Keven says rent to own agreements just aren’t worth the risk for landlords.

“I would never use them or recommend them for my clients. Most landlords that sign a rent to own agreement are misinformed and don’t understand that there’s a better way of doing it.”

 

 

If you need advice about selling a property in Prince George, BC or surrounding areas, get in touch with our expert Realtors® at Team Powerhouse Realty.

Cam McLeod

Pursuing a successful real estate career in beautiful Prince George has been an amazing opportunity for me. I pride myself on high standards, professionally and ethically, and I work hard to get my clients the results they are looking for. Home renovation projects are a passion of mine, and I enjoy discussing how buyers can adapt properties to suit their needs.

I like to tackle projects that are both creative and technical, and I’m often tinkering with Hot Rods and motorbikes. I also host a local radio show, which has been a great way to express myself. I look forward to the future and to working with you to achieve your real estate goals.

Contact Info

Office: 250.563.1000
Mobile: 250.981.6774
Fax: 250.563.1005

Chris Lodge

Hi, my name is Chris Lodge and I am in my sixth year of selling Real Estate in Prince George and Fort St. James. I have always loved houses, whether it be fluffing, decorating, renovating, preparing them for sale or selling them I am in my element.

I am professional, knowledgeable and personable and I would love to help you sell your home or help you find one that suit’s you needs. I try very hard to offer my clients a stress-less, drama free Real Estate experience. I will do my best to meet and hopefully exceed your expectations of a Real Estate Professional.

Contact Info

Office: 250.563.1000
Mobile: 250.614.3727
Fax: 250.563.1005
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Crystal Brown

My name is Crystal Brown, REALTOR® at Team Powerhouse Realty. My career as a professional agent began in May 2015. Since then I have enjoyed many successes in helping people buy and sell homes.

I have lived in Prince George for nearly 20 years. During that time I have been actively involved in the community through my business and personal life, and have also taken on a variety of volunteer positions. I have built valuable networks and a deep understanding of the city and its people. I use that knowledge every day when advising residents and newcomers on their next move. Great relationships are the foundation of true success.

I continue to look ahead to the future of real estate with excitement and determination as I see many opportunities for growth in my business, as well as in my community.

Contact Info

Office: 250.563.1000
Mobile: 250.981.4620
Fax: 250.563.1005
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Mark McVey

I am a long-term resident of Prince George and have been selling real estate here since 1997. I am CEO at Team Powerhouse Realty, a company I co-founded in 2007. I have a passion for helping people, and get great fulfillment out of negotiating the best terms for my loyal clientele.

I love sharing my real estate skills and knowledge with others, and am a Buffini & Company Certified Mentor. In addition to my busy work schedule, I am also actively involved in men's soccer, the Cinema CNC Film Festival and PG Roadrunners. I am also a RYT200 Certified Yoga Instructor.

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Office: 250.563.1000
Mobile: 250.649.6275
Fax: 250.563.1005

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Brad Messum

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Office: 250.563.1000
Mobile: 250.552.9860
Fax: 250.563.1005

Brian Steinhauser

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Office: 250.563.1000
Mobile: 778.349.0520
Fax: 250.563.1005
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Keven Braet

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Office: 250.563.1000
Mobile: 250.613.6370
Fax: 250.563.1005

Ashley Quickfall

I grew up in Prince George and have always enjoyed what our city has to offer. Whether it be the wild north that surrounds our town or the growing opportunity within the town.

I played a lot of different sports growing up and spent time watching my Dad, and Step-Dad coach , as well as taking on the Coach role myself, I’ve discovered that I like to work with my clients as if we were a team and like any coach, I want to see my team succeed.

I am so thankful to my husband who pushed me to become the person I am today and inspired me to move past my fears and do something I thought was impossible. Ever since then I have been inspired by personal growth and helping others do the same. Through Real Estate, I aim to help people achieve their personal goals along with home-ownership.

So basically – I want to be your Coach to Real Estate.

With a passion for Real Estate, customer service training and an amazing team with years of experience. I know what it takes to champion a client’s needs.

I have had the opportunity to work within the Real Estate industry, under a Realtor, before becoming licensed. Having had this opportunity I was able to learn from an experienced individual how to tackle problems in a professional manner.

Negotiating for some can be a challenge, but with my approach, I aim to protect your wants and needs, use patience, warmth, and authority to get the deal done.

Whether you are buying your first home, selling your property or purchasing the next income property. I can help you negotiate deals, price right, find the right neighborhood and much more.

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Office: 250.563.1000
Mobile: 250.960.8152
Fax: 250.563.1005
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Kristine Newell

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Office: 250.563.1000
Mobile: 250.552.5116
Fax: 250.563.1005
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Lindsey Kuemper

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Office: 250.563.1000
Mobile: 250.613.7031
Fax: 250.563.1005

Lori Cruddas

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Office: 250.563.1000
Mobile: 250.961.9707
Fax: 250.563.1005
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Matt Steinbach

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Office: 250.563.1000
Fax: 250.563.1005

Melanie Lupul

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Office: 250.563.1000
Mobile: 250.614.6955
Fax: 250.563.1005

Rick Kerbrat

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Office: 250.563.1000
Mobile: 250.552.5465
Fax: 250.563.1005
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Rick Mayhew

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Office: 250.563.1000
Fax: 250.563.1005

Robin Choi

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Office: 250.563.1000
Mobile: 250.617.0321
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Tim Higham

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Office: 250.563.1000
Mobile: 250.617.3444
Fax: 250.563.1005
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Don Kehler

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Office: 250.563.1000
Mobile: 250.613.9553
Fax: 250.563.1005

Harry Backlin

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Office: 250.562.8952
Mobile: 250.961.3671
Fax: 250.562.2182

Matt Vigue

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Office: 250.596.2100
Mobile: 250.961.7727
Fax: 250.563.1005

Steve Andersen

Like most realtors I began my real estate career doing residential sales, and since I live on a rural property I really enjoy doing the more complicated country property sales.

While I still enjoy helping buyers and sellers with their housing needs I have transitioned over to doing more commercial sales and leasing. I find this both interesting and challenging and feel my skills are well suited to dealing with complicated commercial/industrial/business real estate transactions.

I endeavour to provide exceptional professional service to my clients putting their needs first so they trust me, enjoy dealing with me and recommend me to their friends and acquaintances.

On a personal level I am married with two children, have lived in Prince George since childhood and have always been a real outdoorsman. Prince George has so much to offer, is a great place to raise children and I really enjoy taking the family on camping and fishing trips throughout the Prince George area and our beautiful province.

Contact Info

Office: 250.563.1000
Mobile: 250.617.3926
Fax: 250.563.1005

Rolf Van Driesum

Rolf was born and raised in Prince George, BC. A previous career in construction and current involvement in the mining industry provide him with an unparalleled insight into market trends and commercial opportunities throughout the region.

Rolf is driven by a desire to provide leadership in a number of capacities, both locally and internationally. He is engaged in development opportunities in Thailand, Myanmar, and the Dominican Republic as well as in British Columbia. Rolf joined Team Powerhouse Realty in 2011, and has since become part of the management team.

Rolf is also a husband, father to four and grandfather to four. He is a member of the Westwood Church.

Contact Info

Office: 250.563.1000
Mobile: 250.613.8777
Fax: 250.563.1005

Ashley Woods

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Phone: 250.961.2305

Sarah White

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Office: 250.563.1000
Mobile: 250.552.4188
Fax: 250.563.1005

Rebecca Worthington

I work by referral helping buyers, sellers and investors stay focused on their big picture goals while I focus on the details. Exceptional client care, current market expertise and strong negotiating tactics are paramount to my business. I specialize in family homes and investment properties.

My husband and I were both born and raised in Prince George and are now raising our beautiful four daughters here. This is a wonderful community to be a part of as it has so much to offer.

Contact Info

Office: 250.563.1000
Mobile: 250.961.4508
Fax: 250.563.1005

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Jackie Nydegger

Innovation and Power – these are two of the words that describe me best. I think outside the box, come up with innovative solutions and always go to bat for my clients. True to my German nature, I am a hard worker and am diligent and passionate about what I do.

I was born and raised in a small village close to Munich, owned and operated a gym there for 12 years, came to BC on an adventurous whim, did the whole “live off the grid” while homeschooling my three wonderful children and running a hobby farm out at Purden Lake, and now I live and breathe real estate here in Prince George after studying at the Sauder School of Business at UBC.

I love PG and living in the North, in particular meeting and building long lasting relationships with people like you.

In my spare time I run on one of our many fabulous trails, go to CrossFit, and I read and listen to inspirational/educational books and podcasts. Most importantly though I love to spend time with my family over long family dinners or while skiing or hiking.

Give me a call, I would love to meet you!

Für meine deutschen Freunde: herzlich willkommen in Prince George! Ich stehe Ihnen sehr gerne jederzeit zur Verfügung falls Sie Fragen im Immobilienbereich haben oder ganz einfach die deutsche Sprache vorziehen. Ich freue mich auf Ihren Anruf!

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Phone: (250).613.9128

Garnet Weston

Garnet was born in Victoria, where he lived for sixteen years with a two-year stint in Ottawa. At 18 he decided it was time to venture out on his own to live the “Alberta Dream” moving to Bonnyville, AB. to work in the oil and gas industry, where he remained for two years before returning to Victoria.

After returning to Victoria, Garnet bought his first home with his brother, where the two resided, and worked in the construction industry. During the recession of 2008 Garnet went back to Alberta and spent the next ten plus years as a Wireline Supervisor, traveling between Northern BC and Southern Manitoba. Garnet bought his second home in Grande Prairie in 2012, and his third with his then fiancée, now wife, Karen in Bonnyville in 2014.

Throughout his time in the oil and gas industry, Garnet developed a love for the real estate industry. After experiencing an injury, Garnet could no longer continue in his current career. This was the catalyst that lead him to make a bold decision and he began studying for his real estate license. Once he achieved his license, he immediately began shadowing the best of Northern Lights Realty.

During this time, Garnet and Karen decided it was time to move closer to family. They chose Kelowna BC where they would be closer to their families in Victoria BC. After a short time, they realized Kelowna just wasn’t a fit for them. They knew they wanted somewhere surrounded by nature, that has four seasons where they can enjoy all the different activities each season offers. Somewhere they have a bright future, where they see themselves having a happy and prosperous life. A place their families can come visit them. They chose Prince George, because they believe it offers all that and so much more.

Garnet has learned to love and embrace change; let him put his understanding of big decisions, along with his passion and knowledge of real estate to work for you.

Contact Info

garnet@garnetweston.ca

250.649.6069

Facebook: https://www.facebook.com/Garnetweston/

Instagram: https://www.instagram.com/garnetweston/?hl=en

Website:  www.garnetweston.ca

Stephanie Bepple

I have spent most of my life in Prince George, being born and raised in the community and returning here after pursuing post-secondary education at Simon Fraser University.

I have always had a passion for real estate. Through hard work and determination, I completed the real estate licensing program at UBC Sauder School of Business. Becoming a REALTOR® in my home town has been a very rewarding decision for me, both personally and professionally.

My core values rest in honesty and a strong desire to help others. My goals are to make sure my clients are looked after and to share the opportunities that Prince George has to offer. I have built a strong connection with my community, and wish to continue to build that connection with its people.

e : stephanie.bepple@gmail.com
cell: 250-617-4941

Facebook: https://www.facebook.com/StephanieBeppleRealtyServices
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