Today's frequently asked question from Kitchener Waterloo home buyers is what are rental items? Rental items are those items that a seller doesn't own but pays to use. A popular example is water heaters. I would estimate that 95% of Kitchener Waterloo homes have rental water heaters. The buyer typically agrees to assume the rental of the water heater which is noted in the Agreement of Purchase and Sale.
Other rental items can include water softeners, security systems, furnaces and central air conditioning. Note some are straight rental agreements and others are rent-to-own. When purchasing a home, make sure you receive and review the rental agreement(s) for the above items so you know what you are getting into.
Finally, a word of warning. I've only come across 2 cases where the furnace was rented so it is rare. However, in both cases, the cost of the rent-to-own furnace was excessive. It took what is typically a $2500-$3000 item and tripled it with payments spread over 7-10 years. My solution was to have the seller pay the remaining amount out of the sale proceeds so the buyer owned it free and clear.
The next question this Kitchener Waterloo real estate blog will tackle is should I sell first or buy first?
If you have questions about selling or buying a Kitchener Waterloo home, feel free to call, text or email 519-505-4488 firstname.lastname@example.org.