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Rent to Buy

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  • 09-11-2009 10:37pm
    #1
    Bee01
    Closed Accounts Posts: 5 ✭


    Does anyone know of any rent to buy schemes or anything like it for three bedroom houses in the Tallaght area.
    Thank You


Comments

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    #2
    Victor
    Registered Users Posts: 78,385 ✭✭✭✭Victor


    I don't but make sure your solicitor reads over everything before you give the seller a penny.


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    #3
    Frezzin
    Registered Users Posts: 52 ✭✭Frezzin


    Agreed. Rent-to-own isn't a new idea. It's been around for hundreds of years. I used to work for a rent-to-own company in the States and it's about as crooked as an honest politician.

    The way it works is they charge massive interest/monthly fees for rental items. So lets say a TV is 300EUR if you were to buy it outright. They set you up for a 12 month repayment plan and you're paying 45/month. You end up paying 500EUR for the TV if you stay with the rental program. When you factor in the fact that they bought the TV for 150EUR you start to see how this gets crooked. The retailers already generally make 100% profit on purchases. Rent-to-own on average make 150-200% on items.

    While rent-to-own schemes for houses are probably going to work in similar fashion, make sure your solicitor looks over everything. And remember, these schemes are meant to benefit the developer, not you.


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    #4
    mrgaa1
    Closed Accounts Posts: 759 ✭✭✭mrgaa1


    regarding the OP get your solicitor to check out everything prior to signing - also contact your potential lender about this.
    However in relation to RTB - I have heard of schemes where 5k is paid up front - then the remainder of the 10% of the overall house price is paid off over 2 years. Then ALL the monies is used as the deposit. If at anytime you pull out all is lost. So every scheme is different and not always loaded onto one side.


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