SKYIRE HomePlan FAQs

Still have questions? Our frequently asked questions can help. If you don’t find your question or you have additional ones, send us an email, we’ll be happy to answer them.

When you purchase a home through SKYIRE HomePlan, the title is not transferred to you until you are in the position to qualify and take out your own mortgage. Ideally, most HomePlan purchasers aim to have enough equity saved to purchase the home by the end of year three or in year four. This provides HomePlan purchasers enough time to build equity in the property, as well as improve their credit rating in order to become fully capable of qualifying for a mortgage. In the mean time, all of the equity built-up by the initial deposit and ongoing monthly contributions is protected by SKYIRE HomePlan’s “Right-to-Purchase” agreement registered on title. The Right-to-Purchase agreement includes all of the rights which make this plan unique and beneficial for the purchaser.
A Right-to-Purchase is an option but not an obligation to buy the property. In this case, the Right-to-Purchase provides security to the HomePlan purchaser and protects their equity. All HomePlan options last for seven years but give the HomePlan purchaser a choice to take ownership early if they qualify sooner than expected. By registering the HomePlan agreement against title to the property, a HomePlan purchaser’s rights are protected and secured. The agreement is a registered right that can be sold to someone else. If by the time a HomePlan purchaser is ready to buy, the property is no longer suitable to them, the property can be listed for sale. When the property is sold, the HomePlan purchaser would get the benefit of any net proceeds above the SKYIRE HomePlan price. This re-sale right is one of the big factors that make SKYIRE HomePlan unique, as it provides a great win-win opportunity for HomePlan purchasers to share in mortgage principal pay down and home value appreciation.
The rights of a HomePlan purchaser under SKYIRE HomePlan includes the quiet enjoyment of the property as a home, the benefit from a share of the increase in value in the property or mortgage pay down and the build-up of equity due to the deposit along with the monthly contributions.
The HomePlan purchaser is responsible for any maintenance or repairs from any damage during the rental period as well as the deductible on the insurance policy in the case of any major damage just like any homeowner would be. The HomePlan purchaser is also required to make their regular monthly payment on time as is normally the case with any residential tenancy agreement. This combination of rights and responsibilities is what makes SKYIRE HomePlan so attractive and gives everyone the opportunity for a great experience.
To start a SKYIRE HomePlan purchase, the minimum deposit needed is 1% of the home’s purchase price. This can easily be saved in 8-12 months and with brand new homes there can even be enough time to select the home and finish saving for the deposit before construction is started.
SKYIRE HomePlan is a collaborative effort between a licensed real estate agent, a mortgage broker and a SKYIRE HomePlan funding representative. The mortgage broker confirms the pre-qualification requirements for obtaining a mortgage in the future. The real estate professional provides the service of viewing properties and oversight of the closing process. And the funding representative matches the purchaser to a HomePlan financing provider as well as provides advice on property selection for the best value long term. The real estate team administers the program up until the final transfer of title to the HomePlan purchaser. All the professionals involved look forward to see each SKYIRE HomePlan succeed with the HomePlan purchaser ultimately getting approved for a mortgage and taking title in their name.
Any purchaser buying a home with SKYIRE HomePlan has a monthly administration cost of $25.
Every home contracted to be purchased with SKYIRE HomePlan has a complete inspection done by a bonded professional home inspector.  From the date of move in, the HomePlan purchaser is responsible for the cost of any repairs and maintenance of the home. This gives the purchaser the ability to manage any repairs needed and increase the value of the home as much as possible before taking ownership of the property.
The monthly rent is set equal to the amount a homeowner would pay to cover the mortgage payment, property taxes and the monthly strata fees in the case of a condo, or the monthly portion of the property insurance in the case of a house. This monthly rental amount is set this way so the additional monthly contribution for the equity credit can be as large as possible. The larger the monthly contribution, the sooner the likelihood the HomePlan purchaser is able to qualify for a mortgage and take title of the property.
Once the SKYIRE HomePlan program is set and the monthly rental amount is determined for the entire property, any rent a HomePlan purchaser is able to generate from a room or suite in the home is earned entirely by the HomePlan purchaser. However, a couple of important conditions must be met. Before renting out any portion of the home, the HomePlan purchaser must obtain written approval from SKYIRE. As well, the HomePlan purchaser must reside in the home on a full-time basis. And, the HomePlan purchaser would be responsible for any damages or issues caused by the renter.
Renting out a portion of the home is a great option for reducing the monthly costs of purchasing the home and also positions the HomePlan purchaser to have a more comfortable experience in homeownership once a new mortgage is obtained.
As with any regular rental agreement, monthly payments need to be paid on the first of the month without fail. If a payment is missed by accident, it needs to be made up within five business days. A HomePlan purchaser’s mindset should be the same as it would be when purchasing with a mortgage. There is equity at stake so a HomePlan purchaser needs to arrange their personal finances to make sure they always have enough money to cover the monthly payment on time. Failure to do so could result in loss of your equity, security deposit, damage deposit and termination of occupancy as is normally the case.
Yes. As with any regular tenancy agreement, the deposit is returned and in this case becomes a credit towards the purchase of the home. Forming part of the total equity used for the purchase, it is added to the HomePlan purchaser’s credit for final closing and transfer of title.

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