If selling would you allow rent to buy ??

Dannyboy1987

I was just thinking there is a few houses in the area i am from and one or two are empty for a while now. i was thinking if you are trying to sell a property would you consider to a deal by were the person agrees to rent to buy with the depoist being the rent ?

Of course there would have to be contracts signed etc.

What do you think of this idea if you had a house empty for awhile and no income coming from it ?

the_syco

Sell the house now for a slightly cheaper price, as opposed to sell it a few years down the road when you have to sell it for a much cheaper price (rent to buy), or the "tenant" pulls out, and you have to sell the house in a much cheaper era.

Not to forget that should anything break whilst you're "renting" it out, you have to fix, along with all the problems of being a landlord.

I take it you're not renting it atm, but have you in the past?

Dannyboy1987

the_syco wrote: »

Sell the house now for a slightly cheaper price, as opposed to sell it a few years down the road when you have to sell it for a much cheaper price (rent to buy), or the "tenant" pulls out, and you have to sell the house in a much cheaper era.

Not to forget that should anything break whilst you're "renting" it out, you have to fix, along with all the problems of being a landlord.

I take it you're not renting it atm, but have you in the past?

I'm getting ready to buy saving a deposit atm and i just feel the house that is lying idle could be living in while paying of my deposit and basically doing a deal.

Also i feel if someone was to do a deal like this that a deposit of 5k plus the rent would cover any problems

the_syco

Dannyboy1987 wrote: »

I'm getting ready to buy saving a deposit atm and i just feel the house that is lying idle could be living in while paying of my deposit and basically doing a deal.

Also i feel if someone was to do a deal like this that a deposit of 5k plus the rent would cover any problems

Ah, thought you were looking to sell your house. In that case, no, as it's a bad idea long term, as banks don't see the deposit as a deposit, and three years down the road, the houses will have dropped to a point where the house is worth less than now and thus you don't go for it.

Dannyboy1987

the_syco wrote: »

Ah, thought you were looking to sell your house. In that case, no, as it's a bad idea long term, as banks don't see the deposit as a deposit, and three years down the road, the houses will have dropped to a point where the house is worth less than now and thus you don't go for it.

Was just a thought, Wonder how the likes of easisteps.ie get people mortgages if that's the case.

the_syco

Do a search, and you'll come across a rent-to-buy scheme where some were successful, some weren't as their bank didn't accept the deposit as a deposit.Maybe Feb/March I think there was a thread about it.