Rent to Buy schemes are becoming an increasingly active part of the residential market. A number of variations of the scheme have come on to the market since 2008 but in essence it involves developers offering new apartments or houses initially on a 2 or 3 year rental with an option to buy after or during that period at an agreed price and with the rent paid being credited as part payment of the price at sale closure. Clients view the showunits and the available residential units, select a property, sign a lease and pay an initial two months deposit.
This arrangement is proving to be very popular with prospective first time buyers who may for a number of reasons not be ready to buy at this time but would be confident of doing so by the time the rental period expires. The rents reflect current market levels as do the prices and generally show a sharp discount of prices prevailing 2/3 years ago. The Rent to Buy schemes suit certain developers who are happy to get completed unsold stock occupied with revenue being produced which helps them meet their outgoings.
Developers under the scheme usually provide a furniture fit-out to a set amount or a voucher for same. If the client proceeds with the purchase after the rental period then the furniture automatically becomes part of the property. Alternatively they can bring their own furniture and get a price reduction.
Hooke & MacDonald currently have a number of Rent 2 Buy schemes available including the following:
Heuston South Quarter (HSQ) Dublin 8 by Rhatigan Commercial Developments Ltd.
Title: Rent2purchase
- State of the art apartment development with exceptional standard of specification, design and construction
- Outstanding location beside Heuston Station, LUAS and convenient to all amenities of the city centre
- Rents for large two bedroom apartments from €1,350 per month; large two bedroom duplexes from €1,550 per month and large three bedroom apartments from €1,700 per month. Prices for large one bedroom apartments from €305,000; large two bedroom apartments from €395,000; large two bedroom duplexes from €410,000 and large three bedroom apartments from €480,000.
Viewing: By appointment. Hooke & MacDonald, tel: 01-631 8401
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Northern Cross, Malahide Road, Dublin 17 by Walls Developments
Title: Rent & Buy
- Landmark development with fine selection of well designed one & two bedroom apartments
- Very popular & convenient location, directly beside the four-star Hilton Hotel and part of prestigious €550 million mixed retail and residential development. Great transport links to city centre, adjacent to DART station
- Rents for one bedroom apartment from €950 per month; two bedroom apartments from €1,050 per month and three bedroom apartments from €1,250 per month. Prices for one bedroom apartments from €195,000; two bedroom apartments from €235,000.
Viewing: By appointment. Hooke & MacDonald, tel: 01-631 8401
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Bakers Yard, Portland Street North, off North Circular Road, Dublin 1 by Cleary Doyle
- Superior quality new apartment development
- Prime city centre location convenient to all amenities
- This varies from other Rent 2 Buy schemes and comprises 2 agreements, a conditional contract and a caretakers agreement.
- Rents from €1,000 per month etc. Prices from €254,500
Viewing: By appointment. Hooke & MacDonald, tel: 01-631 8401
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