We are very excited to be launching our very own Rent to Own scheme. What is Rent to Own? Who is it for? Find out all of this and more below!

What is Rent to Own and how does it work?

We’re putting a modern spin on a very old idea!

The concept of Rent to Own has been around for many centuries in one form or another and has been used commercially by house builders since the early 1900s. How it works present day is very simple…

In short, we will be letting properties on behalf of landlords to a ‘Tenant Buyer’ who has aspirations of owning their own home one day. This Tenant Buyer will rent the property at a pre-agreed rental price for a pre-agreed term (typically 5-10 years). At the end of the period, the Tenant Buyer will have the option to buy the property at a pre-agreed price!

In addition to the monthly rent, the Tenant Buyer pays a top-up which goes to save for a deposit for a mortgage at the end of the term. They don’t have to complete the purchase at the end of the pre-agreed period, but they would lose all saved via the top-up fee.

Who is Rent to Own most useful for?

Our Rent to Own scheme is an exciting opportunity for both tenants who are looking to buy, as well as landlords in the Yorkshire area.

In the current economic climate it can often be hard to purchase or sell a property. With Rent to Own, Tenant Buyers who are not in the position to purchase can find their dream home and live in it now rather than wait 5, 10 or 15 years down the line.

Furthermore, it can also be hard for landlords who owe close to or more on the mortgage than the property is worth. Rent to Own can be a huge benefit to those in this position. In addition, investors also find that they can increase the return on their portfolios with a greater net profit over the period of time of the agreement.

What we’re doing with Rent to Own is providing a fair and equitable way of helping both vendors and Tenant Buyers in finding a desirable outcome in the purchase and selling of property.

I’m interested – what should I do?

We would love to hear from landlords who think that Rent to Own might be a good option for them. We can answer your questions and help you find a Tenant Buyer. Please get in touch with us via email us at enquiries@bricknells.ohsositepreview.co.uk or by calling 01709 365 584.