Rent-to-Buy - what is it?
Rent-to-Buy is one of the names given to a scheme where a tenant has the opportunity to rent a property and has the legal right to buy it within an agreed timescale for an agreed price.
Advantages of buying using a Rent-to-Buy scheme:
- No bank or finance approval is required
- Purchase price is fixed
- You can be in the house in less than 10 days
- If you are not sure about buying, then try before you buy
- Buy when you are ready (within the term of the agreement)
- You can sell without buying and pocket the difference
- The scheme allows you to improve your credit rating
Whilst the government are introducing their own scheme, to help first-time buyers on low incomes into their first home, the majority of the Rent-to-Buy schemes are operated privately. Not only can private schemes help first-time buyers onto the property ladder, they can also help homeowners move up the property ladder into bigger and better homes that they maybe cannot buy now. Such private Rent-to-Buy schemes do vary and it is therefore important that you understand the terms of the scheme you are considering.
Other names by which Rent-to-Buy schemes are called include:
- Rent Now Buy Later
- Rent2Own
- Rent-to-Own
- Try Before You Buy
- Rent and Own
- Own Now Pay Later
Find out more
If you would like to know more about our available properties please do not hesitate to contact us.
Rent Now Buy Later Homes (Nottingham)
Tel: 0115 9940951
04destemplate64a
... making home ownership possible
