Low Deposit Property Specialises in Rent to Own Homes on the Gold Coast


 

The Gold Coast is becoming a very popular destination area for people who want to utilise “rent to own” as a way of buying your own home.

Having been involved in selling properties using rent to own and vendor finance for a long time, Low Deposit Property has noticed recently a significant increase in the number of people searching for opportunities to rent to own their own home on the Gold Coast.

Perhaps it is word-of-mouth and therefore becoming even more popular because of referrals, especially given how difficult it is to qualify for traditional bank finance and to save the level of deposit that is required.

Rent to own is a simple, quick and easy way to get started to own your own home, but you need to be aware of the process and the pitfalls before you jump in!

Here is a simple overview of the process to move into your own home…

  1. Firstly, you enter into an agreement with the owner of the property that you can have a set period of time to rent the property whilst you wait to get a traditional loan
  2. during the period that you are renting, you will also have the right to buy the house at the end of the rental period, and this is usually set out in an option agreement
  3. this option agreement will give you the legal right to buy the house in accordance with what you have agreed with the property owner
  4. then, when you do qualify for your own finance, you simply exercise your right under the option agreement to buy the house

The benefits of utilising this system are that you get to move into the property NOW that you will eventually buy, whilst you are waiting to qualify for the finance. This way you can enjoy the benefits of homeownership whilst you are still waiting to qualify through the traditional banking system.

A word of warning! If you have a very short rental period, you need to be 100% confident that you will be able to qualify for finance on or before the end of the rental period. Otherwise you may risk losing all of the additional rent and upfront payments you may have made.

Find rent-to-own homes on the Gold Coast!

Find rent-to-own homes on the Gold Coast!

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