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:
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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