How your rent can buy your home
What if we told you that your monthly rental installments could be used to help you buy the home you’re already living in?
Rent2buy, the brainchild of lawyer Meyer de Waal, is a relatively new product (based on an old concept) that allows tenants to buy the homes they’re currently living in by allocating a portion of their monthly rental to a deposit.
Whether you want to sell your residential property or buy a new real estate investment, a house or an apartment, your Property Angel is here to help you find your solar home.
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The model can also be applied to any other home they may have their eyes on.
Did you know you only have to upload your bond application documents once?
Each transaction is unique, where the current homeowner enters into a contract with the tenant to buy the home after a certain number of months.
We work out the Rent2buy term, based on a thorough analysis of the credit rating and affordability of the client, and the prospects to repair and improve the negative items on his/her credit rating and affordability, says de Waal.
Noting that if at the end of the term the tenant is still declined a loan from the bank the Rent2buy term can be extended.
This is done if we can identify it is a minor problem that can be solved.
Now you can sell your home privately and save on agents’ commission.
But if the purchaser did not repair his bad credit score or improve affordability, the seller retains all monies paid as ordinary rental received.
Author: Meyer De Waal