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What is Rent to Buy? How does it work?

  • 10-07-2019 4:36pm
    #1
    Febreeze
    Closed Accounts Posts: 190 ✭✭


    I've heard of this but I've no idea what exactly it is or how it works.


Comments

  • #2
    Caranica
    Registered Users, Registered Users 2 Posts: 10,141 ✭✭✭✭Caranica


    That's because it hasn't really ever worked here, though the councils are starting to look at these schemes. You pay rent for x years, at that point you can buy the property and your rent payments are deducted from the value of the property so you pay market value minus rent paid to date.


  • #3
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    Caranica wrote: »
    That's because it hasn't really ever worked here, though the councils are starting to look at these schemes. You pay rent for x years, at that point you can buy the property and your rent payments are deducted from the value of the property so you pay market value minus rent paid to date.

    Does that work if you're currently renting a house for a certain amount of time?


  • #4
    Caranica
    Registered Users, Registered Users 2 Posts: 10,141 ✭✭✭✭Caranica


    Febreeze wrote: »
    Does that work if you're currently renting a house for a certain amount of time?

    I'm not aware of any schemes currently active. I know Dun Laoghaire Rathdown County Council have a few schemes in the pipeline but you have to be on the housing list.


  • #5
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Last time I came across rent to buy was during the global financial crash, some developers tried it out as a means of off-loading new builds.

    That stopped abruptly when banks refused to include the rent paid/credited as part of the deposit effectively meaning purchasers still needed a substantial deposit even if they'd paid significant amounts of rent.


  • #6
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    Graham wrote: »
    Last time I came across rent to buy was during the global financial crash, some developers tried it out as a means of off-loading new builds.

    That stopped abruptly when banks refused to include the rent paid/credited as part of the deposit effectively meaning purchasers still needed a substantial deposit even if they'd paid significant amounts of rent.

    its actually an excellent idea and would be a great financial vehicle if we used it correctly, save your deposit while living there and prove your capacity to pay, but ofcourse our banks and regulations would have to make an absolute balls of it.


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