Myo gives you time and flexibility so that you can buy your dream home at your own pace. We provide you with a clear, simple pathway from being renters to becoming home owners
Once you are prequalified, we assign a budget to you. Our experts will help you find your dream house at the best possible price
We buy on your behalf and cover all costs. You deposit 3% of the value with us which will be adjusted when you buy the house
Move into your new home! You will have a standard 36 month rental contract which gives you the time to save and build your credit history
When you're ready, buy your home at a pre-fixed price. And if the value of your home has gone up since you moved in, you keep all the upside!
If you change your mind you can choose to walk away. You keep your savings, less the 3% deposit which we use to relist / resell the property
What if I don't want to buy at the end of the tenancy?We get that things change and that you may need to move elsewhere instead of buying back at the end of the 36 months. You can walk away and keep your savings less the relisting fee (3% initial commitment).
Why is Myo better than just renting normally and saving?One of the biggest advantages of MyHo is that the buying price is fixed. So if the value of the property appreciates, you keep the full benefit. We price our properties in such a way that in most cases the market value is higher than the price our customers pay. In addition, there are no middlemen involved (you save on brokerage costs) and we take away all the operational hassles of renting and owning a property (tax, insurance, contracts, due diligence etc.). Finally you get to live in the house you want to own sooner and truly make it your home!
How does Myo make money?Myo makes money from your monthly rent payments and from the home’s appreciation over time. That’s it! We give you the option to buy your home from us at a preset price in the 36 months. If the home’s value rises higher than that, your preset price stays the same—meaning you could buy your home for less than its market price.
How long is my minimum commitment?You will sign a standard tenancy agreement of 36 months which becomes valid once Myo exchanges on the property. But we want you to become homeowners as soon as possible. So if you feel you're ready to buy your home before the expiry of your tenancy agreement (36 months), then you also have the option to do so without incurring any additional charges.
How does the application process work?Application is free, won't impact your credit score, and only takes 2 minutes. Don't worry if your financial picture isn't perfect, we're here to help you bridge that gap. Once we've verified your income and savings, you'll get your approved home budget and it's time to go shopping.
Who covers the closing costs?Myo pays for all closing costs on the initial purchase and while we own the home. Since we own it until you buy it for yourself, we make sure that every home we purchase is a solid investment and in good shape for the long haul. You will be responsible for closing costs once you complete our program and buy the home.
When can I buy my home from Myo?The program is designed for you to save for your deposit and other fees by the end of 36 months. This will also give you enough time to build a great credit score and boost your earnings to get the best mortgage possible. But, we want you to become home owners as soon as possible. So if you feel you're ready before the end of 36 months, then you also have the option to buy your home before the rental contract expires.
Can I extend my tenancy agreement?At the end of 36 months, you have the option of extending the tenancy by a further 24 months. The price of the property will need to be revalued and renegotiated. At the end of the extension term, you can choose to buy the property at the pre-agreed price or walk away with your savings less the relisting fees (3% initial commitment).
Can I choose any home on the market?For the most part: yes, you can! You can shop homes that are listed for sale and within your approved budget. Go home shopping with with one of our trusted agents. Once you choose the perfect home for you, we buy it, and the keys are yours.