subject: Rent To Buy - Your Route Into The World Of Property? [print this page] Taking that first step on to the property ladder is notoriously tricky. So maybe you could make payments on a 100,000 mortgage, but what are you going to do about the large deposit? The sizes are increasing compared to years ago and even if you go cheap and live with the parents it can still take years and years to save up. This is one of the main problems stopping people from getting into the world of property. Happily, there are alternatives!
Many people choose to share with close, reliable friends - dividing the mortgage payment and deposit amongst others makes it a lot more manageable. However many people find the prospect of not outright owning their property to be quite discomfiting, and yearn for greater independence. Those that are lucky enough to have parents who are in the right financial situation to help out may choose to ask them for a loan to help pay the deposit, or go towards the mortgage payments. However the old adage that warns against mixing business with pleasure can ring true here - money and debt can have the potential to come between friends and family, and so it is important that you weigh the risks involved. Perhaps you've heard about the government's rent to buy scheme and think that could work for you. This programme offers you reduced rent while you stay in the property so long as you buy the house within five years. Unfortunately, a lot of the time these schemes will only grant you partial ownership, and many people still hold on to the idea of owning their own property 100%. This is quite right too, and now we are proud to offer our own version of the rent to buy scheme, which we're sure you will agree beats the government programme hands down!
Discovering what our rent to buy scheme could offer you is easy. After registering with us you can browse through the properties we have on our books, you can choose the area you'd like and all are at market value. If a property catches your eye then we can organize a viewing so you can look around. If you decide the property is right for you then you just agree on a price and decide for how long you'd like the option to last. Most options are between 3 and 5 years. We will work out for you how much the deposit and the monthly rent payments will cost. After this a solicitor is contacted and all the legalities and paperwork will be taken care of.
After this painless process you are classed as a home owner! You can move into the property and are free to make any changes that you deem will increase the value of the house. You are able to buy the property for the agreed price any time during the rental period and any equity increase through your own renovations is yours to keep. What are the benefits?
* You can live in the property you intend to buy while saving for your deposit.
* You do not have to worry about finding a large deposit, our costs are low.
* You will own 100% of the property in the end.
* If you change your mind during the period in which you pay rent, you are not obliged in any way to buy the property.
by: Oliver Darraugh
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