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Is it possible to rent a developer owned vacant showhome?

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  • 09-05-2012 12:21am
    #1
    Dub22
    Registered Users Posts: 120 ✭✭


    Hey, not sure if I'm posting this in the right place, mods feel free to move if i'm posting in the wrong place! :)

    I'm just wondering if there is anybody here who might have the answer to my question, does anyone know if a developer has built a development of say 45 houses and there's still say 15 houses empty and have been for a while, if I was interested in renting one, would it be worth my while approaching the developer or estate agent to ask if they would be interested in renting one of the houses out me on a 12 month lease with a view to purchasing it at the end? I am very interested in buying in the said development but am not in a position right now. Also one of the houses, looks like a showhouse was let out 2 months ago at a very reasonable rent and there is still one showhouse remaining unoccupied. Is it worth my while approaching the estate agent/developer or would it be a waste of time and make me look like a fool?! :/ Thanks in advance!:) Oh and the developer is still trading, building elsewhere etc so not gone bust!


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Nothing ventured, nothing gained.
    You'll never know unless you ask.
    They may say no- but they're definitely not going to say yes, unless you actually ask.
    Why do you think this will make you look foolish?
    The only thing foolish is not doing whats best for you or your family- and at this point, that is asking.........


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    #3
    engineermike
    Users Awaiting Email Confirmation Posts: 280 ✭✭engineermike


    100 % fully in agreement with Carrick -
    Just stick your neck out, make sure you push down with the contact in the agents, and directly at the devleoper's office.

    I would both verbally request and write to the appropriate person outlining what you seek to do - and of what stature your rental references are etc.

    A scheme something like that has been run in the UK for quite a while - and I have heard something of it in certain parts of this country, Rent to buy - your deposit is part funded by your rental payments etc. with a view to purchasing.
    There quite structured deals, and beyond that I'm not fully aware what the T & C's are or can specific lenders offer this to borrowers - or is it only done in conjunction with 'A development - A lender'.
    I'll Private message you a chaps details here on boards that may be able to shed some light on whats mortgage products are available etc.
    regards,
    MIke F


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    #4
    Dub22
    Registered Users Posts: 120 ✭✭Dub22


    Thanks for the advice and info, and thanks engineermike for that PM, will give that guy a call and ask him about that scheme, thanks again.


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    #5
    Victor
    Registered Users Posts: 78,402 ✭✭✭✭Victor


    In any rent to buy situation, make sure you speak to your own solicitor (not connected in any way to the developer, estate agent, etc.) before you hand over a penny.

    They may be reluctant to rent out their only show house and may be much more willing to rent out the rest of the properties.

    Note that for them, there may be onerous tax implications if they rent a property out an unsold property.


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    #6
    Dub22
    Registered Users Posts: 120 ✭✭Dub22


    Victor wrote: »
    In any rent to buy situation, make sure you speak to your own solicitor (not connected in any way to the developer, estate agent, etc.) before you hand over a penny.

    They may be reluctant to rent out their only show house and may be much more willing to rent out the rest of the properties.

    Note that for them, there may be onerous tax implications if they rent a property out an unsold property.

    Hey, I don't mind whether it's a show house or any of the other houses available. What would the tax issues be for the developer? Do you think he wouldn't let one out then because of these implications? I emailed the estate agent and got a response this evening asking me to contact the developer directly regarding letting one out.


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