Buy to rent schemes

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07 Aug 2009 00:00 by johnnie1uk Star rating. 100 posts Send private message

Has anyone heard of any schemes where you can rent a property with the aim of buying in the future





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07 Aug 2009 13:16 by joanmalaga Star rating in Costa del Sol. 422 posts Send private message

I know that there are many indiviuals in Spain who rent their property long term with an option to but at the end of the rental term if you so wish, i saw a couple advertised in the local paper.  It is normally very rare that you would find it any other way. Sometimes even the rent you pay goes towards the purchase price, depends on what the owner wants.

Joan





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07 Aug 2009 14:02 by Marksfish Star rating in Sandy, Bedfordshire/.... 2413 posts Send private message

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Depends where you are looking, but Key Mare in Puerto Rey were offering this option earlier this year, not sure whether they still are or not? I know they are becoming more of a rental agent at the moment as they can't sell the properties.

Mark



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07 Aug 2009 14:03 by Smiley Star rating in San Pedro de Alcanta.... 2478 posts Send private message

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As Joan says many resellers will consider "try before you buy". I have never heard of a developer doing it but in these troubled times who knows? If you see a property you like through an agent or privately but you want to follow this procedure it is always worth asking (even if not advertised as such) as many owners will consider it. Normally a pre agreed portion of the rent is taken as a contribution to the agreed purchase price. Make sure you get everything tied down tight by a lawyer though. I have heard of varying % of the rent being considered as a contribution - this can be as much as 100% of the contribution but not always so depending on the owner and what is agreed between you.



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07 Aug 2009 16:24 by Emerald Property Management Star rating in Estepona,Malaga. 180 posts Send private message

Maria posted an interesting article on this a while ago. If you search 'rent to buy' you will find it.

 



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07 Aug 2009 16:48 by Emerald Property Management Star rating in Estepona,Malaga. 180 posts Send private message

I am actually still looking for a rent to buy property in Estepona Port area if anyone has anything?

 



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07 Aug 2009 16:52 by johnnie1uk Star rating. 100 posts Send private message

Thanks for all the input





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07 Aug 2009 23:28 by Rixxy Star rating in San Pedro. 2011 posts Send private message

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So you mean rent to buy not buy to rent as in the title!!!

Im involved in one now. Private owner and private buyer, not a developer. Buyer interested but was concerned about any noise so asked about a trial rental period.

Owner agreed to a 3 month rental. The price was fixed in the contract at the end of the rental term, the rent does not contribute to the purchase. On the 15th september the buyer either buys or moves out and the property is back on the market.

The owner gets some moent towards his outgoings and the buyer can be satisfied either way.

If you go for a longer term then you can have a clause stating the money paid in rent is deducted from the deposit, but really you can make up any agreement to suit both parties.



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