Rent to Buy
Your Path to Homeownership Starts HereOwning your own home can seem like an impossible dream. It’s tough out there, with the
hurdles of high deposits, strict lending criteria, and rising property prices. But at Property
Prospects, we believe homeownership shouldn’t be out of reach. That’s why we’re here to
support you with our Rent to Buy option—an opportunity to start climbing the property
ladder with confidence.
Always dreamed of owning your own home?
Now you can – with the support of Property Prospects. Here’s everything you need to know to see if Rent to Buy is the right fit for you.
- How Much will Rent To Buy Cost Me?
- When will I own the property?
- Will my rent increase during the contract?
- How long will it take me to buy the home?
- Are top-up payments refundable?
- Rent to Buy involves a non-refundable ‘option’ payment, negotiated based on the
property. - Every month, you pay your normal rent plus a pre-agreed “top-up” amount. This “top-up” will be held in an escrow account and will contribute to your deposit when you purchase the property at the end of your contract.
- At the end of the option period (usually up to 7 years), you will have the option to buy the property at the pre-agreed price.
- The total value of your top-up payments will be used as your deposit to purchase your new home.
- No, your rent will remain fixed throughout the entire contract period, providing you with certainty and clarity.
- Both the agreed future purchase price and the top-up amount are also fixed, so there won’t be any surprises down the road.
- The option period typically lasts up to 7 years, giving you ample time to save a large enough deposit.
- From the start of your Rent to Buy process, you could own your home within 7 years, with the option to buy earlier if you’re ready.
- Your top-up payments are designed to ensure that, at the end of the option period, your top-up fund equals no more than 10% of the pre-agreed future purchase price.
- The accumulated top-up payments are generally non-refundable unless specific conditions apply.
- If you don’t follow through with the purchase, you will forfeit your top-up amount.
If you have any questions or would like to discuss the Rent to Buy scheme further, don’t hesitate to reach out. We’re here to help and offer support, with no obligation.