For step-by-step instructions, see our Start My Path to Home Ownership page.
"The process has been smooth and Harriet has been here the whole way. If we need help of quiestions answered they are always available. I give them a golden star as you can not find landlords or owners with better personal skills, heart and dedication like they have."
In our existing home program, we buy 'scratch and dent' houses and typically fix them up to be habitable - but not fancy. We want our clients to feel like home owners from day one, so we leave finishing touches and improvements up to you. If you (or your family) is handy, we can let you do the work and fund materials - this is a little more involved (requires a written plan including any required permits, funding schedule for progress materials costs, and comes with a move-in deadline) but can save you money since you are supplying labor.
In our manufactured home program, we purchase brand new double-wide homes (also known as two-section homes) and, in partnership with A.L. Burke, make them available on a rent-to-own basis in existing mobile home communities in Broome County.
We typically structure our deals with two documents - a long term lease, and an option to buy. The long term lease is typically for 2 years with 9 renewals, for a total of 20 years. As long as you are not in default, the lease can automatically renew. This long term lease locks in your rent and gives you the security of knowing that you won't have to move (again, as long as you are not in default of the lease)! If you have a short history at your job or current address, you can start renting now and switch to our rent-to-own program in one year or less.
For our existing homes, note that each monthly payment includes "pure" rent, plus taxes and insurance - the amounts are spelled out right in your lease. Over time we will pass on increases in taxes and insurance, but your "pure" rent portion remains unchanged for the entire life of the lease.
For our manufactured homes, your payment to us includes the lot rent to A.L. Burke - this lot rent includes sewer and water in addition to taxes. You are buying only the home from us (not the land), and after you complete your purchase you will continue to pay lot rent (unless you choose to move your home to another location). Your lease payment also includes insurance. As with our existing home program, we will pass on increases in lot rent and insurance over time, but your "pure" rent portion remains unchanged for the entire life of the lease.
In exchange for your "down payment", you will also receive an option that gives you the right to purchase your home. The option gives you the right (but not the obligation) to buy your home.
During the lease, we want you to feel like owners. Maintenance, utilities and any upgrades that you choose to make are your responsibility. Pets are allowed (we do need to have an accurate census of your pets) but you are required to carry insurance for your pets. You can paint any room any color you wish! You are required to abide by local building and zoning codes.
Other payment details - there are no prepayment penalties. If you are able to get bank financing, you can use that to buy your house from us. This will typically save you money! Also, if you come into a sum of money (a tax refund, work bonus, etc.) and would like to make a partial prepayment, we can accomodate that. Your monthly payment would not change, but the term of your lease would shorten and your option agreement would be updated with a lower purchase price. Prepayments have a bigger impact the earlier you make them during your lease, since we offer an early payment bonus that decreases over the life of your lease.
Completing your purchase - Whether you pay each month through the end of the last lease renewal or exercise your option to purchase earlier, there will be some closing costs that are your responsibility. Until you exercise your option to buy your home, the title remains in our company name. Recording the deed into your name, paying transfer taxes and any mortgage tax are closing expenses that you will pay. In addition, we strongly suggest getting title insurance. You may wish to hire your own lawyer to review the documents. Title insurance and legal representation are optional closing expenses that you would pay if you choose to use them. Any other costs related to closing will be your responsiblity.
American Capital RE, LLC
Elmira's rent-to-own specialist.
Why rent when you can buy? Low down payments, monthly rents for a wide range of budgets.
"The process has been smooth and Harriet has been here the whole way."
Our office is at the corner of Hoffman and Water - look for the striped awning