Rent to Buy is a contractual agreement between a tenant and a property owner, where the tenant can at any time, exercise his or her right to buy the property after residing in it during a certain specified time. This is normally between 6 months up to a maximum of 3 years. As soon as the tenant decides to buy the property, an agreed percentage of the rent already paid can be deducted from the sales price.
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What are the advantages for tenants?
The rent you pay is no longer “dead money” The rent you pay today will help you to be able to buy your home tomorrow.
You can move into your new home without having to make a large down payment.
You will be able to live & enjoy your property whilst saving money to buy it.
If you are new to the area the scheme gives you the time to discover the surroundings and services available as well as getting a “feel” for the property.
You decide when the optimum time is to acquire the property. For example, when the interest rates are low and/or the exchange rate is favorable.
If looking to finance a new home, and in the process of selling your current one, rather than taking the equity out of your home with an expensive “Bridge Loan” The rent to buy concept will give you up to 3 years to sell your property, and you can start to enjoy your new property straight away at a minimal cost.
Quick Move In Time: You can typically take possession of the home in less than one week instead of conventional move in times of one to three months. Your approval will be based solely at the discretion of the owner instead of a lender
What are the advantages for home owners?
The Rent to Buy concept provides homeowners with the following advantages, most of all in the current slow sales market:
Your property instead of being left empty will generate you income.
A future homeowner will rent your property, and will treat the property as such. It also means that someone is living on-site who will watch and guard your home.
If the tenant does not exercise his option to buy, the proprietor has enjoyed 100% of the rental benefits, without haven given up a share.
Register Now:
Please complete the form below to receive full details of the Rent to Buy concept which will be available shortly for most popular locations in Spain. Owners of Spanish property who may wish to participate also please contact us as below.
