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News
Rent with option to buy
“
03
MAY
Rent with option to buy
Are you interested in buying your first home, but don't want to get started and don't know if you have enough people to eat or if you want to commit to a specific place? Surely more than once you've been stuck in a house with an option to buy and you've wondered what benefits you have and how you can take advantage of them. I'll explain it all to you below.
First of all, what is a rent to own contract?
The rent to own contract is a double or mixed contract. That is to say, it includes a rental contract and a purchase contract. In this way, the tenant can reside in the property for a certain period and, after this period, he/she will decide whether he/she wants to buy or not, and the dates paid will be totally or partially decompensated in addition to the down payment or deposit that is always requested.
The rent will be regulated by the LAU (Ley de Arrendamientos Urbanos) and the purchase contract will be regulated by the Civil Code.
Now, why and why can this type of contract be of interest?
The most common situation in which a person may find rent to buy attractive is when he/she wants to buy a property in instalments, but is not sure if he/she wants to commit 100% or does not have sufficient financing to be able to make the purchase.
Bearing in mind that financial institutions value having a previ stalvi of 20% of the value of the mortgage (as a general rule), plus more than 5-10% to be paid in taxes, this would be the perfect alternative to be able to reach the desired amount.
What is the benefit?
Pots estalviar durant el temps que dura el contracte de lloguer.
Having a loan contract with option to buy facilitates the liquidation of the mortgage, since for the banks it is a positive thing to know about the person knowing that they have already paid a part of the house in advance.
No descapitalitzacions des de l'inici, ajudant a la teva pròpia economia i flux de caixa mensual. The people who invest in the lloguer do not lose out, but are invested in the purchase price.
Asegúrate un pact pre-tancat amb l'propietari i no pot pujar el preu del preu de la finca si es revaloritza el immoble durant la vigència de la teva contracta.
As it is regulated by the LAU, all rights as a tenant and includes the possibility to ask for rental subsidies.
You can negotiate not to pay taxes or other expenses related to the ownership of the property, such as IBI or rubble heaps, during the term of the lease.
What are the challenges?
Sometimes a contractually agreed amount of the purchase value of the property, which is still 5-20% of the total price, must be paid in advance. This import will be lost if the property is not finally purchased.
Contact us for more information:
info@ondahousing.net
(+34) 973 087 729
ondahousing.net
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