Rent to buy
Options
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RENT TO BUY
Rent to buy’ or
‘Rent to own’
Rent to buy’ or ‘Rent to own’ is a simple lease option agreement allowing a potential buyer to rent before they buy. These opportunities help who aspire to buy a property within an agreed time.
Rent to buy is exciting opportunity becoming more talked about within
the UK housing market with the difficulty people face saving for
deposits.
OPTIONS
How Rent to Buy Works –
Rent to Buy Schemes
These types of options are well established in many English speaking countries including the USA and Australia, rent to buy offers individuals or families who would like to buy their own home a step up on the property ladder without requiring a mortgage initially.
“ How Rent to Buy Works – Rent to Buy Schemes In a rent to buy agreement the lease option contract gives the potential buyer a legal right..
HOW IT WORKS
The buyer (often a tenant buyer)
has the freedom or right to buy the lease
optioned property at an agreed price,
however if an unforeseen circumstance occurs the buyer is not obligated to buy and can simply walk away as you would with a standard assured short hold tenancy agreement.
* The purchase price is fixed by the lease option and won’t change over the term.
* The tenant-buyer has the choice to buy or not to buy and can decide when is the best time for that.
* The tenant buyer can treat the house as home from day one.
* Move in is usually much quicker than in a conventional house sale. Do not use – How does rent to buy benefit the investor?
There are many important reasons for the UK investor to consider rent to buy. The benefits of using lease options with rent to buy are huge.
* Tenant buyers will typically pay a deposit when they move in – usually 2 – 5% of the agreed purchase price.
* The tenant buyer is willing to pay the owner above market rent.
* Tenant-buyers are often willing to pay more than the property is currently worth because the investor or owner is giving flexible buying terms.
* The tenant is motivated to care for the property, which is viewed as a home rather than simply a place to live, which results in lower maintenance costs.
* There are fewer void periods with a rent to buy home or property.
* If the tenant buyer defaults on the lease option agreement, the owner can keep the money paid up front and the extra payments made during the term, as long as that is made clear in the option agreement.
How can we help you
Firedstone has been trusted for over 15 years by Homeowners, Landlords, Investors and Tenants. We specialise in property sourcing, property maintenance, household services and secure and high yielding property investments across the Midlands. See what we can offer you today!
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