Frequently asked questions

Utopia is America’s 1st Rent-to-Own Exchange for Renters/Homebuyers, Landlords and Agents

To learn more:

Unlike renting, Utopia offers a Rent to Own Program which expedites your journey to homeownership. You can choose any home listed on our platform and rent it to finally own it (You have the option to buy and no obligation to buy if you decide so). In the mean time, we work with you to make you mortgage ready by helping you improve your credit and making you save enough for down payment to buy at a later date.

With Utopia, you get all the flexibility of renting while moving closer to homeownership.

There are some important differences between Utopia and renting that you should know:

Ready to get started on your pathway to home ownership? Get Pre-Qualified Now Or, learn more here.

You can apply to Utopia for free. Once you’re approved and have selected your home, you’ll contribute 1-3% of its price as an initial down payment. This money is used to jumpstart your down payment savings, which you’ll use to buy the home when you’re ready for a mortgage in 2 to 3 years.

While you’re renting, your monthly payment is based on fair market value for rent in your city, plus your monthly contribution to your down payment savings fund.

If you buy your home within the first 12 months of the program, you’ll pay a buyback price that’s 3-8% higher than the home’s acquisition price. After 12 months, the price climbs by 0.5% to 1.5% every 3 months. The exact details are communicated to you on case by case basis before Utopia buys the subject property.

There are no hidden costs or fine-print when you work with Utopia.

Utopia offers a 1 to 3 year program to make you mortgage ready. If you reach mortgage eligibility sooner, you can purchase the home at any time. On the other hand, if you need more time, we are happy to work with you to make sure your homeownership goal can be achieved.

It generally takes around 3-4 weeks between the time you apply and the time you move into your new home.Once Utopia’s all-cash offer is accepted, we will close on the home of your choice in approximately 21 days.

We really hope that you successfully complete the Utopia homeownership program, but we do understand that life happens. So, you’re free to exit at any time by giving us the notice period as specified in your lease document.

Since, you decided not to buy the home and now the landlord will have to sell it to another buyer and incur additional expenses to market and sell the home. So, you will be charged a re-listing fee of 3% of the acquisition price of the home (this could vary from case to case, and the details will be in your signed agreement. so, please use this information here as a guide-post). This is still a favorable outcome for you as if you had bought the home and then put it on the market to sell it, your disposition cost would have been upward of 9%.

When the time comes to buy your home and it doesn’t appraise at the same value, you have many options: