Rent2buy units are now made available by property developers in three new and existing residential developments ranging from Bloemfontein to Parklands and Bardale and Blue Downs-Eerste Rivier in the Western Cape, says Meyer de Waal, a Cape Town attorney who developed the Rent2buy product.
Rent2buy buyers can get prequalified and move into a home, soon to be called their own home.
We approached property developers and requested them to provide us with a limited number of residential units for sale on the Rent2buy Finance concept. The response was overwhelming from these property developers. They all are very excited and keen to assist current tenants, home buyers and property investors to achieve their dream to own their own homes says De Waal.
PARKLANDS – WESTERN CAPE
In the Nouveau Estate, working with the C5i Group, the prices range from R915 585 to R1 026 685, the current tenants are first offered the opportunity to buy their own units. It was found that many tenants already made a home for themselves in their rental apartment, settled in and fell in love with the quality finishes, location and amenities the development offers and wish to continue living in their current home.
The Nouveau Estate units are also available for property investors who aim to get their foot in the property door says De Waal, as an investment buyer can buy the unit with an existing tenant and lease agreement and can calculate the investment return from day one.
The Nouveau Estate units are now available to purchase to the open market under the Rent2buy Finance concept as well a direct purchase, cash or with the assistance of a home loan.
A Rent2buy deposit of 5,4 % is required to secure any of these units available.
The Nouveau Estate development is situated on the outskirts of Parklands in Parklands Main Road in an upcoming residential area and is situated is a quiet neighbourhood, ideal for first home buyers and investors. The location is close to well established schools and the future Curro Private School and 3.8km to Blaauwberg Hospital.
100 % APPROVAL RATE FOR A HOME BUYER
The benefit of a Rent2buy Finance prequalification is that once pre-approved, the Rent2buy buyer is 100% secured of securing a property within his price range, once the property valuation is approved and the required Rent2buy deposit made available.
De Waal explains that on average 50 % of home loans are declined. If a buyer goes through a home loan prequalification process, the success rate of home loans submitted are up to 75 % approval rate as financial institutions dig deep to find a reason to decline a home loan.
Often a home loan is “approved”, but as few 100% home loans are granted, the huge deposit required by the bank and well as the cash required to pay for the attorney transfer and bond registration fees often “sinks the deal” and makes it impossible for the home buyer to proceed.
With Rent2buy Finance, once you are approved and your deposit is available, you are 100% assured to secure your property. Our pre-qualification process is so good, that a Rent2buy pre-approval is as good as a final approval, says De Waal.
The Rent2buy Finance deposit ranges from 5,4 % to 3,4 % of the property purchase price, depending on the type of property purchased. No other transfer costs are payable to secure the Rent2buy property, says De Waal.
The Rent2buy buyers then rents the property for a period of 24 months. Just before the expiry of the rental period, the Rent2buy buyer will be offered to convert the rental agreement into an installment sale and pay off the purchase price over a period of 15 years, or can apply for a home loan, then with a much-improved credit score and affordability track record. Transfer and bond registration fees are then payable by the buyer, when he takes transfer and can use his Rent2buy deposit refund to pay for these costs.
BLOEMFONTEIN – RACEWAY PARK
Working with Aquacor Developers, Rent2buy units are available in this development with prices that range from R580 000 to R680 000.
A Rent2buy deposit of 3,4 % is required to secure these units available.
Property investors can also buy a unit in with an existing tenant in.
Raceway Park is a brand-new Bloemfontein neighbourhood situated a mere 5km from the CBD and only 3km from the Bram Fischer International Airport. Currently at the heart of new growth and development in the Mangaung District, future elements and community facilities include a school, crèches, churches, a 12 000m2 retail precinct and numerous public park and recreational spaces.
All construction at Raceway Park is of brick and mortar and currently comprises 400 free-standing houses, ranging from 2-bedroom units to 4-bedroom/2-bathroom family homes. Two new developments of 2-bedroom apartments in 3-level walk-up blocks provide Raceway Park with additional residential stock for both the rental market and the sectional title sellers’ market.
BARDALE VILLAGE – BLUE DOWNS
Rent2buy units are made available in the Bardale Village, Blue Downs.
The price for a 2 bedroomed unit of 50 m2 is R625 900.
A Rent2buy deposit of R20 400.00 is required – which covers the rental deposit of 2 months as well as the option fee. The option fee of R5 990.00 is added to the purchase price and then frozen for 24 months. At the end of the 24-month Rent2buy term the rental deposit and option fee is refunded to the purchaser [terms & conditions apply].
The Rent2buy rental payable for the two years is fixed at R 7 200 per month.
No further transfer costs are payable to secure this rent2buy unit.
BLUE DOWNS – EERSTE RIVIER – BELLE VUE ESTATE
Working with Power Group, rent2buy units are made available in the Belle Vu Estate development in Blue Downs.
The prices range from R570 800 to R625 200.
A Rent2buy deposit of 3,4 % is required to secure any of these units available.
Belle-Vue Estate is located in Blue Downs, Eerste River, adjacent to Stratford Avenue and is a fully walled secure living estate close to schools, shops and public transport.
The estate consists of 197 free standing opportunities with Phases 1 & 2 now selling with a selection of house typologies to choose from ranging from 42-65m2 with 2 and 3 bedrooms. Buyers can choose from various optional extras some of these being a garage or carport. All the free standing homes come standard with burglar bars, security gates, alarms, oven and hob and is fully walled with a washing line.
HOW TO GET STARTED
For more information on how to get started on Rent2buy Finance or any of these developments, contact Janine Grobler : 082 091 5678 – email firstname.lastname@example.org or Kristin McMullan : 072 199 6593 email email@example.com
Meyer de Waal
021 – 461 0065 – 083 653 6975