Ivory Homes is making it easier than ever to buy your own home. This brochure outlines the Smart Home Buying program. A portion of your rent payment will be credited toward the options chosen in the purchase of an Ivory home.
Here’s how it works: for each full month’s rent payment made, ICO will credit $100.00 in non-cash credits back to you in the form of discounts off the cost of options and upgrades (as examples, window coverings, appliances, granite counter tops, etc.) on your new Ivory Home. These credits can be applied toward the purchase of a new Ivory home. The longer you stay with us, staying current on your rent, the more rent credits you accrue. When you’re ready to purchase a new home, contact your property management office. Your property manager will provide you a Smart Home Credit Certificate reflecting your accrued rent credits. You can redeem your certificate for discounts off the cost of options and upgrades.
Ivory Homes’ professional home buying counselors will take you step-by-step through the home buying process, making your path toward home ownership smoother and easier. Example allowed home purchase discounts are as follows:
Purchase Price Maximum Allowed Redemption
What is the Smart Home Buying Program?
A comprehensive home buying option credit program designed to help our residents realize their dream of home ownership. ICO has partnered with Ivory Homes to allow us to offer you special services and financial rewards toward the purchase of an Ivory home.
How can I sign up for the smart home buying program?
Visit your property management office to sign up. It’s fast, easy and for a one-time processing fee of $25.00, you begin accruing credits toward options on your dream home.
How soon will I begin accruing rent credits?
Once you have enrolled in the program you will begin accruing credits once your first full month’s rent is paid.
How are my rent credits calculated?
ICO grants $100 credit to you every month based on being in good standing with your lease.
How do I accrue credits if I share my apartment with roommates?
Roommates earn credits independently based on the total rent paid for the ICO apartment property. Credits can be combined among roommates toward an Ivory home purchase.
What happens to my rent credits if I move to another ICO apartment community?
Your rent credits move with you and continue to accrue as long as you continue to live in an ICO apartment community.
Can I redeem my rent credits anywhere in the U.S.?
Your rent credits can be applied toward the purchase of options and upgrades on a newly constructed Ivory home in any market where Ivory Homes is located. (Ivory Homes currently only offers homes in Utah.)
Can I use my rent credits with any builder?
No. This program is only valid with Ivory Homes.
Can I use a real estate agent?
You can use an Ivory Homes Sales Representative.
Where can I find out how many credits I’ve earned?
Call or visit your property management office.
Do my rent credits expire?
Rent credits expire 180 days after you move out of an ICO apartment community. If ICO has sold the community you currently live in, your credits will be valid for one year from the date of sale.
Can my friends or family members take advantage of my rent credits?
Rent credits can only be used by a resident of an ICO apartment community.
I’m ready to buy an Ivory home. How do I use my rent credits?
When you’re ready to buy a home, visit your property management office to obtain your Smart Home Credit Certificate. Then, present your certificate to the Ivory Homes Sales Agent at the time you sign your purchase agreement. After you sign your purchase agreement you will not be able to add additional credits to the purchase of your home.
Enrollment requires a $25 processing fee.
No minimum length of residency is required.
Residents must fulfill their term of lease and be in good standing. They must be current with their financial obligations to ICO and must follow the proper procedures for terminating their lease, whether it is at lease end or mid-lease.
The Smart Home Buying Program may be changed or cancelled at any time without notice.
Residents cannot use the services of a non-Ivory Homes real estate agent when using their rent credits with Ivory Homes.
Credits on the Smart Credit Certificate translate into discounts on options and upgrades given from the builder to the buyer.
Certificate must be presented to Ivory Homes at the time the purchase agreement is signed.
Once a purchase agreement is signed no additional rent credits can be applied to the purchase.
Rent credits transfer with the resident and continue to accrue if they move to any other ICO apartment property.
Credits can be transferred to a roommate or any other person who is a rental tenant at an ICO community.
Rent credits are valid for 180 days from the date that a resident moves out of an ICO community.
If ICO sells a property, residents of that property have one year from the date of sale to use their rent credits with a participating builder.
Credits cannot be used for a down payment.
Ivory Homes determines how credits are applied to the purchase of the new home, but they must honor all credits up to the maximum allowed.
If a resident has credits valued at more than the maximum noted above, the discount stops at the maximum.
ICO Companies Office:
3401 N. Center St. Suite 300 Lehi, UT 84043
The ICO Companies, a sister company to Ivory Homes, Utah’s Largest Homebuilder for 31 years.