Costa Blanca Business Association Article
Rent to Buy, a Different Way of Getting on the Spanish Property Ladder!
Started by Mike & Alison Tullett, Rent To Buy Spain is a real estate agency focused solely on marketing and selling properties where a Rent to Buy option is a route to purchase or sell the property.
Based In Javea
From our office in Javea we operate like a typical real estate agency and offer all the support that clients expect such as valuation, listing, photography, marketing and advertising. In addition, we offer our clients a one-stop-shop to take them through the Rent to Buy process with the support of a team of independent experts who can deal with the legal and financial aspects of creating and funding the Rent to Buy contract.
How We Started
Although we bought the parent company ‘Sunset Real Estate’ as a going concern, the Rent To Buy Spain business was started because of our own personal experience of buying a property in Spain using a rent to buy option. Before we moved to Spain permanently, we entered into a rent to buy contract for a villa in Denia, initially to be used as a holiday home and then as a permanent residence when we were ready to retire. Due to a change of personal work circumstances in the UK our plans were brought forward. The villa is now our home and as we have completed the rent to buy option, the house is now ours. This personal experience led to the creation of the business and we have been able to use our knowledge and experience to assist many clients to achieve their dream using the same method to buy in Spain.
What is a Rent To Buy Contract?
You may be asking “what is a Rent To Buy contract?” In summary, it is a contractual arrangement where a property is rented for a specific time period, with the option to purchase the property for a pre-agreed price during that term. All the monies paid during the rental period are removed from the pre-agreed sales price at the time of purchase at the notary. There are 4 key components: –
- Initial up-front lump-sum / deposit
- Monthly rental installments amount
- Sales/purchase price
- The term within which to purchase the property
The Advantages of Rent To Buy
Rent to Buy contracts offers numerous advantages for both the buyer and the vendor. The main benefit for the buyer is that they are not wasting money on rent; the rent they pay comes off the agreed option to purchase price. If already renting, it allows them to break out of the rental trap of not being able to save for a mortgage deposit. The main benefit to the vendor is that they will receive immediate income from their property with a sale for a pre-agreed price within a set term.
Over the past 3 years of trading, we have assisted tens of people to get their foothold on the Spanish property market. Buying clients have come from all parts of the world including most EU countries, the UK, the USA, and Australia. Some have started a new life here in Spain whilst others have used a rent to buy contract to buy a holiday home here in the sun.
Our core aim at Rent To Buy Spain is to raise the profile of buying and selling properties with a rent to buy option and to offer a dedicated service to support buyers and sellers across Spain using this approach.
Find Out More
Visit our website www.renttobuyspain.com for further information, review listings, and to contact the team, we look forward to being of service.
Rent To Buy Spain
Calle Burdeos 9,
Tel: +34 865 681 845