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Rent-to-buy scheme

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  • 25-04-2014 8:48pm
    #1
    roxychix
    Registered Users Posts: 287 ✭✭


    Does anyone know if the buy to rent scheme is still available in ireland either kildare or dublin
    cheers


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


    It was a marketing ploy for developers to shift stock particularly in lesser desirable areas- and it ended with the bust.

    There is limited development happening in Dublin and Kildare- and that which is hitting the market- is hitting a very firm market with massive lack of supply. Unfortunately- you're not going to find rent-to-buy schemes any more- and esp. not in the most desirable area of the country......


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    #3
    Gers_punto
    Registered Users Posts: 278 ✭✭Gers_punto


    Im currently in one and cant wait to get out of it... Am walking away from 20k worth of rental payments that were 100% discount off the purchase price to buy a different house that will work out almost 75k cheaper than the house we are currently in and is bigger in a more desirable location.

    a marketing ploy from years back to sell over priced houses to people who had no money to put forward of there own for a deposit


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    #4
    L1011
    Registered Users Posts: 68,886 ✭✭✭✭L1011


    Scams every single one of them.

    They were only ever offered on otherwise unsaleable properties. The rent "deposit" will not be accepted by any bank as a deposit, meaning you'll need to have saved a deposit regardless. The negotiated sale price will be higher than the market value by a huge margin and a bank will not accept that as the valuation. Because the properties were unsaleable to begin with, banks are unlikely to lend on them anyway.

    Effectively, you needed to be able to get a mortgage on the full value on day 1 or you were never going to - meaning the schemes were pointless. They existed to get people to rent less attractive properties for the same or higher money than somewhere better with the lie that it had any impact at all on buying somewhere.


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